NY A07445

Defines "community land mortgage" as a mortgage secured by a first lien on a leasehold estate where a not-for-profit housing company retains title to the land while selling improvements to low or moderate income families who execute a long-term lease

Authorizes the New York State Mortgage Agency to purchase community land mortgages from banks when there is inadequate credit supply for residential mortgages affordable to low and moderate income families

Requires banks selling community land mortgages to certify each loan is to an individual borrower and is in addition to mortgages the bank would have otherwise made

Permits ground leases to contain resale restrictions limiting future eligible buyers and/or maximum sales prices, provided restrictions are recorded and terminate upon foreclosure

Mandates banks provide warranties including valid first lien status, accurate principal balance, no mortgagor defaults, and insurance coverage of at least 80% of insurable value of improvements

Takes effect 120 days after becoming law