New York Assembly Bill 5597 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on February 22 2021 - 25% progression, died in committee
Action: 2022-01-05 - referred to housing
Pending: Assembly Housing Committee
Text: Latest bill text (Introduced) [HTML]

Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.

Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.

Asm. Michael Fitzpatrick [R]

Asm. Michael Montesano [R]

Asm. Christopher Tague [R]

Asm. Brian Manktelow [R]

Date	Chamber	Action
2022-01-05	Assembly	referred to housing
2021-02-22	Assembly	referred to housing

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2021/A5597
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=A05597&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05597