New York Assembly Bill A07842 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 7842 2023-2024 Regular Sessions  IN ASSEMBLY July 7, 2023 ___________ Introduced by M. of A. CUNNINGHAM -- read once and referred to the Committee on Housing AN ACT to amend the public authorities law, in relation to expanding access to mortgage financing for cooperative properties under the homes for veterans program 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. Special provisions for veterans. (1) Definitions. For the 4 purposes of this article, the following terms shall have the following 5 meanings: 6 (a) "Person" shall mean a veteran, or their surviving unmarried 7 spouse. 8 (b) "Veteran" shall: 9 (i) have the same meaning as set forth in subdivision three of section 10 one of the veterans' services law; and 11 (ii) include members of the army national guard, air national guard, 12 and other reserve components of the armed forces of the United States or 13 New York who are currently serving on active duty or have been released 14 from such service under other than dishonorable conditions, and all 15 military members who are currently serving on active duty in New York, 16 regardless of such members' discharge status. 17 (2) Construction. (a) The provisions of this section shall apply to 18 any mortgage purchased by the agency pursuant to section twenty-four 19 hundred five of this part under the homes for veterans program. 20 (b) No contract or agreement for the provision of loan or mortgage 21 loan services between the agency and an eligible person pursuant to this 22 section shall be construed as to limit such person's eligibility under 23 any other financing program offered by the state of New York mortgage 24 agency. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11822-01-3 
 A. 7842 2 1 (3) Homes for veterans program requirements. Notwithstanding any other 2 provision of law or regulation to the contrary, any contract or agree- 3 ment for the provision of a loan or mortgage loan services between the 4 agency and an eligible person under the homes for veterans program shall 5 be subject to the following provisions: 6 (a) No such contract or agreement shall require a minimum borrower 7 cash contribution from such person greater than one percent of the value 8 of the property securing such loan or mortgage loan; and 9 (b) No application by an eligible person for a loan or mortgage loan 10 secured by a residential property in a cooperative housing corporation 11 shall be rejected based on: 12 (i) the number of units, occupancy rates, or location of such corpo- 13 ration; 14 (ii) the percentage of units already sold in such corporation; or 15 (iii) the status of such corporation as a limited equity cooperative 16 project. 17 § 2. This act shall take effect on the thirtieth day after it shall 18 have become a law. Effective immediately, the addition, amendment and/or 19 repeal of any rule or regulation necessary for the implementation of 20 this act on its effective date are authorized to be made and completed 21 on or before such effective date.