NY A07484

Directs the State of New York Mortgage Agency (SONYMA) to establish a home equity protection insurance program that insures the full value of owner-occupied 1-4 family residences, condominiums, and cooperatives for homeowners who meet income qualifications for forward commitment mortgages

Property value for insurance purposes is determined by purchase price, purchase price plus rehabilitation costs, or appraisal, with premiums set by the agency

Pays policyholders the difference between the insured value and sale price if the home sells for less than the insured amount, provided the owner has lived in the property for at least 3 years

Excludes claims where equity loss occurred predominantly from the owner's neglect of the property's physical condition

Creates a revolving home equity protection insurance fund funded by premiums and other sources, requiring the agency to maintain reserves equal to at least 20% of total insured amounts

Takes effect 180 days after becoming law