Bill
A 1789
Bill A 1789 allows New York's mortgage agency to buy construction mortgages, boosting affordable housing and aiding developers to stimulate economic growth.
Bill Number: A 1789
Title: Authorizes the purchase of construction mortgages by the state of New York mortgage agency
Status: Referred to Corporations, Authorities and Commissions
Introduced: January 14, 2025
Classification: Bill
Bill A 1789 aims to empower the State of New York Mortgage Agency (SONYMA) to purchase construction mortgages. This legislative action is intended to enhance the state's ability to support housing development and construction projects, thereby addressing housing shortages and promoting economic growth within New York.
Authorization for Purchase: The bill specifically authorizes SONYMA to acquire construction mortgages, which are loans taken out to finance the building of residential properties.
Funding Mechanism: By allowing the purchase of these mortgages, the bill seeks to create a more robust funding mechanism for housing projects, potentially leading to increased availability of affordable housing.
Support for Developers: The bill is designed to provide financial support to developers, making it easier for them to secure funding for new construction projects.
Homebuyers: Individuals seeking to purchase newly constructed homes may benefit from increased availability of housing options as a result of this bill.
Developers and Builders: Construction companies and real estate developers would have improved access to financing, which could facilitate new projects and stimulate job creation in the construction sector.
State Housing Agencies: SONYMA would gain additional tools to fulfill its mission of promoting affordable housing in New York.
Current Status: As of January 14, 2025, the bill has been referred to the Corporations, Authorities and Commissions committee for further consideration.
Related Bills: This bill is part of a broader legislative context, with several related bills from prior sessions (A 3126, A 3200, A 2637, A 4284, A 4314, A 3839, A 6143, A 5526, A 3675) that may address similar issues or provide additional context for housing finance in New York.
Bill A 1789 represents a strategic move by the state to bolster housing development through financial mechanisms that support construction mortgages. By enabling SONYMA to purchase these mortgages, the bill aims to address housing shortages and stimulate economic activity in the construction sector, ultimately benefiting homebuyers and developers alike. The bill is currently under review, and its progress will be closely monitored as it moves through the legislative process.
Compiled from official sources — confirm details with the bill’s official record.
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