BILL NUMBER: S2883
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the public authorities law, in relation to establishing
the new American homebuyer assistance program within the state of New
York mortgage agency
 
PURPOSE:
This bill authorizes and establishes the new American homebuyer program
within the state of new York mortgage agency
 
SUMMARY OF PROVISIONS:
Section 1. Establishes the new American homebuyer program; delineates
program parameters, eligibility, and features.
Section 2. Established immediate effective date.
 
EXISTING LAW:
Under current law, the state of New York mortgage agency (SONYMA) offers
programs for first time homebuyers, but no programs specifically target
new Americans and the unique challenges they face.
 
JUSTIFICATION:
A home is the most substantial asset most working Americans have.
Although some challenges such as student loan payments, strict down
payment requirements, and mortgage insurance are common among most first
time homebuyers, there exist additional challenges for those who have
recently immigrated to New York from another country.
This legislation would create a new mortgage program within the State of
New York Mortgage Agency (SONYMA) that will help reduce the barrier to
home ownership for new Americans that have arrived here within the past
ten years. The program will address issues that impact recent immigrants
particularly hard: asset requirements, income requirements, student loan
calculations, and down payment requirements. The program will feature
flexible documentation guidelines to take into account foreign documen-
tation of income and assets, and applicants will have access to trans-
lation services and support staff to facilitate the successful execution
of the mortgage and closing process.
 
LEGISLATIVE HISTORY:
2022: S5824
2018; S.7663 1 Corporations.
 
FISCAL IMPLICATIONS:
To be determined.
 
LOCAL FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
Immediate.