Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an.

The bill authorizes the state of New York mortgage agency to purchase rehabilitation 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 shall require that rehabilitation mortgages provide that the estimated cost of the repairs shall be at least twenty-five percent of the mortgagor's adjusted basis in the residential real property.

Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an.

The bill authorizes the state of New York mortgage agency to purchase rehabilitation 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 shall require that rehabilitation mortgages provide that the estimated cost of the repairs shall be at least twenty-five percent of the mortgagor's adjusted basis in the residential real property.