Enacts the "Housing mobility mortgage study act"

Where it stands

Assigned to a committee for review.

Housing, Construction And Community Development · New York State Senate

Purpose, from the sponsor's memo

Section 1. Short title. This act shall be known and may be cited as the "Housing Mobility Mortgage Study Act". §2. Study on housing mobility mortgage programs. 1. The commissioner of housing and community renewal, in consultation with the state of New York mortgage agency (SONYMA), shall conduct a study on the feasibility and potential impacts of establishing a state-backed housing mobility mortgage program within the state of New York. 2. Such study shall include, but not be limited to, an analysis of: (a) the administrative and operational feasibility of establishing a housing mobility mortgage program through SONYMA; (b) the potential effects of such a program on housing inventory, hous- ing mobility, residential real estate markets, and housing affordability within the state; (c) potential mortgage structures or financing models that could facili- tate housing mobility for homeowners relocating within the state; (d) the feasibility of offering below-market mortgage financing through SONYMA for homeowners purchasing a new primary residence following the sale of a prior primary residence; (e) the potential use of housing bonds, mortgage revenue bonds, revolv- ing loan funds, or other financing mechanisms to support such a program; (f) the fiscal and budgetary impacts of establishing such a program, including potential impacts on taxpayers, state finances, and existing housing finance programs; (g) the potential effects on the financial stability, bonding capacity, and operational responsibilities of SONYMA; (h) existing federal laws, regulations, secondary mortgage market requirements, or federal housing finance policies that may affect imple- mentation of such a program; (i) any statutory, regulatory, or administrative changes necessary to implement such a program; (j) potential underwriting standards, occupancy requirements, loan caps, reserve requirements, eligibility restrictions, or anti-speculation safeguards necessary to ensure program sustainability; (k) whether a limited pilot or demonstration program would be feasible or beneficial and recommendations regarding the administration and over sight of such a program; (1) existing mortgage mobility, mortgage portability, assumability, or similar housing finance programs or models utilized in other states or countries; (m) the estimated number and categories of homeowners that may benefit from such a program; and (n) any other information the commissioner or SONYMA deems relevant. § 3. Consultation. In conducting the study required pursuant to section two of this act, the commissioner and SONYMA may consult with: (a) the federal housing finance agency; (b) the federal national mortgage association; (c) the federal home loan mortgage corporation; (d) the department of housing and urban development; (e) mortgage lenders, servicers, housing finance experts, and municipal bond experts; (e) state and local housing agencies; (f) housing advocacy organizations; (h) academic institutions or policy organizations with expertise in housing finance and mortgage markets; and (i)any other public or private entities deemed necessary. § 4. Report. No later than one year after the effective date of this act, the commissioner of housing and community renewal and SONYMA shall submit a report to the governor, the temporary president of the senate, the minority leader, the speaker of the assembly, and the minority lead- er of the assembly containing: (a) the findings of the study; (b) recommendations regarding the feasibility of establishing a housing mobility mortgage program; (c) recommendations regarding statutory, regulatory, or administrative actions necessary to implement such a program; (d) an assessment of risks and benefits to taxpayers, homeowners, hous- ing markets, and state housing policy objectives; (e) recommendations regarding whether a pilot or demonstration program should be established; (f) any recommended program safeguards or limitations necessary to ensure fiscal sustai

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Full history

1. May 12, 2026

   Referred to committee

   REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

   NY Senate

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From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 2026. About our data

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