A7445 (2025-26 session)
NY State bill
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.
- Title
- Relates to community land mortgages and authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state
- Type
- New York State Assembly bill
- Session
- 2025-26 session
- Status
- In Assembly Committee
- Latest action date
- 2026-01-07
- In committee
- Housing
- Introduced
- 2025-03-28
- Law section
- Public Authorities Law
Sponsors
- Michael Novakhov Assembly Member, District 45
Co-sponsors
Heard in committee
- Housing NY State Assembly committee