Bill Text: NY S04775 | 2019-2020 | General Assembly | Introduced

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: Partisan Bill (Republican 1-0)

Status: (Introduced) 2019-03-25 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S04775 Detail]

Download: New_York-2019-S04775-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 25, 2019
        Introduced  by  Sen.  JORDAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and Commissions
        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-g to read as follows:
     3    § 2405-g. 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.

        S. 4775                             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  twenty-
     7  first, nineteen hundred eighty-three, or in Panama from December twenti-
     8  eth,  nineteen  hundred  eighty-nine  to  January thirty-first, nineteen
     9  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 forty-
    27  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    § 2. This act shall take effect on the ninetieth day  after  it  shall
    41  have become a law.