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NY A07488
Bill
Status
3/28/2025
Primary Sponsor
Michael Novakhov
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AI Summary
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Authorizes the State of New York Mortgage Agency (SONYMA) to purchase rehabilitation mortgages from banks when credit is inadequate for new residential mortgages or unaffordable for low and moderate income families
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Requires rehabilitation repair costs to be at least 25% of the mortgagor's adjusted basis in the property, and the property must be at least 20 years old before rehabilitation begins
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Mandates structural preservation requirements: at least 50% of external walls retained as external walls, 75% of all walls retained, and 75% of internal structural framework must remain intact
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Requires borrowers to occupy the rehabilitated structure as their principal residence within 60 days of completing repair work
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Takes effect 120 days after becoming law, with immediate authorization for agencies to develop implementing regulations
Legislative Description
Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.
Last Action
referred to housing
1/7/2026