Authorizes the state mortgage agency to buy veterans' assisted forward commitment mortgages from banks; sets income limits for eligible veterans.
The bill amends the public authorities law to authorize the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state. It requires the board of directors of the agency to establish income limits for eligible veterans, ensuring these limits do not exceed the latest maximum income limits. The agency will determine the prices and conditions for purchasing these mortgages, adhering to specific guidelines.
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