Bill Text: NY A01253 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

Spectrum: Strong Partisan Bill (Republican 12-1)

Status: (Introduced - Dead) 2012-05-22 - held for consideration in judiciary [A01253 Detail]

Download: New_York-2011-A01253-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1253
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  M.  of  A. HAWLEY, KOLB, CROUCH, CORWIN, MOLINARO, OAKS,
         SALADINO, SAYWARD, WEISENBERG -- Multi-Sponsored by -- M. of A.  CONTE
         -- read once and referred to the Committee on Judiciary
       AN  ACT  to amend the public authorities law, in relation to authorizing
         the state of New York mortgage agency to purchase  veterans'  assisted
         forward commitment mortgages from banks within the state
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The public authorities law  is  amended  by  adding  a  new
    2  section 2405-f to read as follows:
    3    S 2405-F. PURCHASE OF VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES.
    4  (1)  IN  ACCORDANCE  WITH THE AUTHORITY SET FORTH IN SECTION TWENTY-FOUR
    5  HUNDRED FIVE-B OF THIS PART, THE AGENCY MAY PURCHASE VETERANS'  ASSISTED
    6  FORWARD  COMMITMENT  MORTGAGES  FROM  BANKS AT SUCH PRICES AND UPON SUCH
    7  TERMS AND CONDITIONS AS IT SHALL DETERMINE. IN CONDUCTING ITS PROGRAM OF
    8  PURCHASING VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES,  THE  AGENCY
    9  SHALL  BE  GOVERNED  BY SECTION TWENTY-FOUR HUNDRED FIVE-B OF THIS PART.
   10  THE BOARD OF DIRECTORS OF THE AGENCY SHALL ESTABLISH FROM TIME  TO  TIME
   11  MAXIMUM  INCOME  LIMITS  OF  PERSONS ELIGIBLE TO RECEIVE SUCH MORTGAGES,
   12  WHICH INCOME LIMITS SHALL NOT EXCEED THE LATEST  MAXIMUM  INCOME  LIMITS
   13  PERMITTED UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR MORT-
   14  GAGES FINANCED BY MORTGAGE REVENUE BONDS.
   15    (2)  FOR  PURPOSES  OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE
   16  FOLLOWING MEANINGS:
   17    "VETERAN" MEANS A PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL,  OR
   18  AIR  SERVICE DURING A TIME OF WAR AS DEFINED BELOW, OR WHO WAS A RECIPI-
   19  ENT OF THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY  EXPEDITIONARY  MEDAL,
   20  MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITION-
   21  ARY  MEDAL, AND WHO WAS DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE
   22  CONDITIONS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01431-01-1
       A. 1253                             2
    1    "SERVICE DURING A TIME OF WAR" MEANS: (A) THE INDIVIDUAL  IN  QUESTION
    2  WAS A RECIPIENT OF THE ARMED FORCES EXPEDITIONARY MEDAL, THE NAVY EXPED-
    3  ITIONARY MEDAL OR THE MARINE CORPS EXPEDITIONARY MEDAL FOR PARTICIPATION
    4  IN  OPERATIONS IN LEBANON FROM JUNE FIRST, NINETEEN HUNDRED EIGHTY-THREE
    5  TO  DECEMBER FIRST, NINETEEN HUNDRED EIGHTY-SEVEN, IN GRENADA FROM OCTO-
    6  BER   TWENTY-THIRD,   NINETEEN   HUNDRED   EIGHTY-THREE   TO    NOVEMBER
    7  TWENTY-FIRST,  NINETEEN HUNDRED EIGHTY-THREE, OR IN PANAMA FROM DECEMBER
    8  TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANUARY  THIRTY-FIRST,  NINE-
    9  TEEN HUNDRED NINETY; OR
   10    (B)  THE  INDIVIDUAL  SERVED ON ACTIVE DUTY FOR NINETY DAYS OR MORE IN
   11  THE ARMED FORCES OF THE UNITED STATES DURING ANY ONE  OF  THE  FOLLOWING
   12  WARS OR HOSTILITIES:
   13    (I)  IN  THE  SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST DAY OF APRIL,
   14  EIGHTEEN HUNDRED NINETY-EIGHT TO THE ELEVENTH  DAY  OF  APRIL,  EIGHTEEN
   15  HUNDRED NINETY-NINE, INCLUSIVE;
   16    (II)  IN  THE  PHILIPPINE  INSURRECTION OR THE CHINA RELIEF EXPEDITION
   17  FROM THE ELEVENTH DAY OF APRIL,  EIGHTEEN  HUNDRED  NINETY-NINE  TO  THE
   18  FOURTH DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
   19    (III)  IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINE-
   20  TEEN HUNDRED SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED SEVEN-
   21  TEEN, INCLUSIVE;
   22    (IV) IN WORLD WAR I FROM THE SIXTH  DAY  OF  APRIL,  NINETEEN  HUNDRED
   23  SEVENTEEN  TO  THE  ELEVENTH DAY OF NOVEMBER, NINETEEN HUNDRED EIGHTEEN,
   24  INCLUSIVE;
   25    (V) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
   26  FORTY-ONE  TO  THE  THIRTY-FIRST  DAY  OF  DECEMBER,  NINETEEN   HUNDRED
   27  FORTY-SIX, INCLUSIVE;
   28    (VI)  IN  THE  KOREAN HOSTILITIES FROM THE TWENTY-SEVENTH DAY OF JUNE,
   29  NINETEEN HUNDRED FIFTY TO THE  THIRTY-FIRST  DAY  OF  JANUARY,  NINETEEN
   30  HUNDRED FIFTY-FIVE, INCLUSIVE;
   31    (VII)  IN THE VIETNAM CONFLICT FROM THE TWENTY-SECOND DAY OF DECEMBER,
   32  NINETEEN HUNDRED SIXTY-ONE TO THE SEVENTH DAY OF MAY,  NINETEEN  HUNDRED
   33  SEVENTY-FIVE;
   34    (VIII)  IN  THE  PERSIAN  GULF CONFLICT FROM THE SECOND DAY OF AUGUST,
   35  NINETEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
   36    (3) FOR ANY VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGE, THE  MAXI-
   37  MUM  LOAN-TO-VALUE  RATIO  SHALL  BE ESTABLISHED BY THE AGENCY, PROVIDED
   38  THAT SUCH LOAN SHALL NOT EXCEED NINETY-NINE  PERCENT  OF  THE  APPRAISED
   39  VALUE OF THE MORTGAGED PREMISES.
   40    S  2.  This  act shall take effect on the ninetieth day after it shall
   41  have become a law.