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S T A T E O F N E W Y O R K
________________________________________________________________________
10314
I N S E N A T E
May 12, 2026
___________
Introduced by Sen. WEBER -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to study the potential impacts of establishing a state-backed
mobility mortgage program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Short title. This act shall be known and may be cited as
2 the "Housing Mobility Mortgage Study Act".
3 § 2. Study on housing mobility mortgage programs. 1. The commissioner
4 of housing and community renewal, in consultation with the state of New
5 York mortgage agency (SONYMA), shall conduct a study on the feasibility
6 and potential impacts of establishing a state-backed housing mobility
7 mortgage program within the state of New York.
8 2. Such study shall include, but not be limited to, an analysis of:
9 (a) the administrative and operational feasibility of establishing a
10 housing mobility mortgage program through SONYMA;
11 (b) the potential effects of such a program on housing inventory,
12 housing mobility, residential real estate markets, and housing afforda-
13 bility within the state;
14 (c) potential mortgage structures or financing models that could
15 facilitate housing mobility for homeowners relocating within the state;
16 (d) the feasibility of offering below-market mortgage financing
17 through SONYMA for homeowners purchasing a new primary residence follow-
18 ing the sale of a prior primary residence;
19 (e) the potential use of housing bonds, mortgage revenue bonds,
20 revolving loan funds, or other financing mechanisms to support such a
21 program;
22 (f) the fiscal and budgetary impacts of establishing such a program,
23 including potential impacts on taxpayers, state finances, and existing
24 housing finance programs;
25 (g) the potential effects on the financial stability, bonding capaci-
26 ty, and operational responsibilities of SONYMA;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15852-01-6
S. 10314 2
1 (h) existing federal laws, regulations, secondary mortgage market
2 requirements, or federal housing finance policies that may affect imple-
3 mentation of such a program;
4 (i) any statutory, regulatory, or administrative changes necessary to
5 implement such a program;
6 (j) potential underwriting standards, occupancy requirements, loan
7 caps, reserve requirements, eligibility restrictions, or anti-specula-
8 tion safeguards necessary to ensure program sustainability;
9 (k) whether a limited pilot or demonstration program would be feasible
10 or beneficial and recommendations regarding the administration and over-
11 sight of such a program;
12 (l) existing mortgage mobility, mortgage portability, assumability, or
13 similar housing finance programs or models utilized in other states or
14 countries;
15 (m) the estimated number and categories of homeowners that may benefit
16 from such a program; and
17 (n) any other information the commissioner or SONYMA deems relevant.
18 § 3. Consultation. In conducting the study required pursuant to
19 section two of this act, the commissioner and SONYMA may consult with:
20 (a) the federal housing finance agency;
21 (b) the federal national mortgage association;
22 (c) the federal home loan mortgage corporation;
23 (d) the department of housing and urban development;
24 (e) mortgage lenders, servicers, housing finance experts, and munici-
25 pal bond experts;
26 (f) state and local housing agencies;
27 (g) housing advocacy organizations;
28 (h) academic institutions or policy organizations with expertise in
29 housing finance and mortgage markets; and
30 (i) any other public or private entities deemed necessary.
31 § 4. Report. No later than one year after the effective date of this
32 act, the commissioner of housing and community renewal and SONYMA shall
33 submit a report to the governor, the temporary president of the senate,
34 the minority leader, the speaker of the assembly, and the minority lead-
35 er of the assembly containing:
36 (a) the findings of the study;
37 (b) recommendations regarding the feasibility of establishing a hous-
38 ing mobility mortgage program;
39 (c) recommendations regarding statutory, regulatory, or administrative
40 actions necessary to implement such a program;
41 (d) an assessment of risks and benefits to taxpayers, homeowners,
42 housing markets, and state housing policy objectives;
43 (e) recommendations regarding whether a pilot or demonstration program
44 should be established;
45 (f) any recommended program safeguards or limitations necessary to
46 ensure fiscal sustainability and protect taxpayers; and
47 (g) any other recommendations deemed appropriate by the commissioner
48 or SONYMA.
49 § 5. This act shall take effect immediately.