Authorizes the dormitory authority to provide financing to the Dutchess Community College Association, Inc. for the construction of facilities for the purpose of financing or refinancing the acquisition, design, construction, reconstruction, rehabilitation, improvement, furnishing and equipping of, or otherwise providing for residential housing located on the campus of Dutchess Community College.
This bill requires banks or financial institutions (as the sole mortgage holder) to offer homeowners a refinancing option when initiating a residential foreclosure. Specifically, the lender must provide an offer to refinance at their lowest interest rate from the prior 30 days, regardless of the homeowner's credit, income, or payment history. The offer must be included with the foreclosure notice and cannot be required more than once per foreclosure or per property for the same homeowner. It applies only to lenders offering residential mortgages as part of their regular business.
Relates to tax lien foreclosure; establishes senior, disabled, and veteran homeowner real property tax assistance program; establishes installment plans for certain real property taxes.
Provides that any landlord that is in mortgage foreclosure due to loss of rent payments cannot enter into a state of foreclosure until a court handling a special proceeding to recover rent resolves any rent issues.
This bill (S 6971) sets new documentation requirements for lenders seeking to foreclose on residential mortgages in New York. It requires lenders to prove ownership of the mortgage note, provide a complete payment history from loan origination, and document the physical location and chain of custody of the original note. These rules apply specifically to foreclosures on one- to four-family residential properties. The bill also clarifies that defendants can raise statute of limitations or "lack of standing" defenses at any time during the case, not just in initial pleadings.
Provides that records of eviction proceeding shall be sealed when the leased property was foreclosed upon; prohibits use and disclosure of any such information relating to a tenant; imposes fine of between $1,000 and $2,000 for violations thereof.
Authorizes certain state regulated institutions to offer disaster forbearance agreements to qualified mortgagors whose income has been adversely affected by the outbreak of COVID-19 and is unable to make their mortgage payment.
Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.
Authorizes the state of New York mortgage agency to purchase construction 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.
Expands eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs or comparable apprenticeship and workforce training programs for the purchase of certain property.
