Authorizes the state of New York mortgage agency to purchase construction mortgages from banks during periods of inadequate credit supply.

The bill amends the public authorities law to authorize 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. The agency can purchase these mortgages at prices and terms it determines, subject to certain conditions.

Authorizes the state of New York mortgage agency to purchase construction mortgages from banks during periods of inadequate credit supply.

The bill amends the public authorities law to authorize 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. The agency can purchase these mortgages at prices and terms it determines, subject to certain conditions.