New York State Mortgage Agency can purchase community land mortgages from banks to ensure affordable housing.

New York A07445 amends the public authorities law to define a community land mortgage as a mortgage secured by a first lien on a leasehold estate in real property improved by a residential structure, with title retained by a not-for-profit housing company or housing development fund company. The state of New York mortgage agency is authorized to purchase these mortgages from banks within the state. The bill ensures that not-for-profit housing remains affordable housing.

New York State Mortgage Agency can purchase community land mortgages from banks to ensure affordable housing.

New York A07445 amends the public authorities law to define a community land mortgage as a mortgage secured by a first lien on a leasehold estate in real property improved by a residential structure, with title retained by a not-for-profit housing company or housing development fund company. The state of New York mortgage agency is authorized to purchase these mortgages from banks within the state. The bill ensures that not-for-profit housing remains affordable housing.