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.
Requires a stay of certain foreclosure proceedings where the mortgagor has applied for coverage under the New York state homeowner assistance fund or any local program administering federal emergency mortgage assistance program funds; allows such foreclosure proceedings to proceed against a mortgagor who has caused significant damage to the property.
Bill A 3874 requires courts to hold a mandatory settlement conference before proceeding with foreclosures on cooperative apartment units where the borrower lives in the unit. It directly affects co-op residents facing foreclosure and their lenders, mandating that lenders file a petition with the court detailing the default and serving the borrower. The conference, held within 60 days, requires both parties to bring specific documents (like payment histories for lenders and income details for borrowers) and negotiate in good faith to explore alternatives like loan modifications or adjusted payment plans. This process aims to provide a structured opportunity to prevent home loss before foreclosure actions advance.
Establishes the end predatory home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Relates to requiring written notification by mortgagees commencing foreclosure actions on a multiple dwelling with ten or more units to the department of housing preservation and development to aid in the identification and improvements of at-risk properties.
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.
Relates to the payment of shelter and rent arrears; provides that all shelter arrears payments authorized for applicants to receive an emergency grant to pay for rent, property taxes or mortgage arrears shall be limited to once every year unless the district determines at its discretion that additional shelter arrears payments are necessary based on the individual circumstances.
Relates to the collection of monies owed for unpaid real property tax liens and water and sewer charges; establishes the homeowner protection fund; prohibits municipalities from conveying tax liens on real property to any private entity, trust, or third-party servicer; repeals certain provisions relating to foreclosure of real property tax liens.
This bill exempts veteran first-time homebuyers in New York from paying the mortgage recording tax on new home purchases. It adds a new provision to tax law stating that mortgages executed by veterans (as defined in the Veterans' Services Law) who are first-time homebuyers are not subject to the mortgage recording tax. The exemption applies directly to qualifying veterans purchasing their first home, removing a financial cost associated with closing the mortgage. This is a concrete tax policy change affecting eligible veteran homebuyers, not a broader housing or veteran benefit program.
This bill extends temporary provisions allowing the New York State Housing Finance Agency to issue bonds and provide financing for multi-family housing and mortgage programs until July 23, 2027. It maintains existing bond limits ($10.92 billion total, with $2.4 billion for mortgage programs) and sets income eligibility limits for borrowers at 125%-150% of federal standards. The agency can continue administering current housing programs, including neighborhood revitalization, under these extended terms. The changes directly affect the agency, housing developers, and low-to-moderate income residents seeking financed housing.
