N.Y. Private Housing Finance Law Section 57
Insured mortgage reserve fund

1.

The agency shall create and establish a special fund, to be known as the insured mortgage reserve fund, and shall pay into such fund all monies appropriated and made available by the state for the purposes of such fund and any other monies from any other source or sources available therefor. The monies held in such fund shall be used (1) to meet the agency’s obligations under an agreement with the federal government pursuant to subdivision twenty-eight of § 44 (Powers of the agency)section forty-four of this article, (2) to meet the agency’s obligations to pay the principal of and interest on notes issued for the purpose of making a mortgage loan to a company which mortgage loan or a subsequent mortgage loan to such company has been insured by the federal government, only however to the extent that all other revenues of the agency, including the proceeds of any sale, assignment or other disposition of a mortgage loan insured by the federal government, available for such purposes are not sufficient to meet such obligations of the agency, (3) to establish escrow accounts as may be required by the federal government as a condition for the issuance of mortgage insurance, (4) to pay for installation of such life safety devices as may be required by the federal government which devices are in addition to and not in substitution for any requirement heretofore imposed on the company, and

(5)

to pay closing costs arising out of the company’s obtaining mortgage insurance from the federal government. Any income or interest earned by, or increment to the insured mortgage reserve fund may be used for authorized purposes including, but not limited to, the addition of such income or interest earned, or increment to the monies held in such fund for the purposes herein provided, the repayment of appropriation expenditures made to the credit of such fund, or to secure the payment of the principal of and interest on notes or revenue housing bonds. Any portion of the monies held in such fund shall, if the federal government so requires, be segregated from any other portion thereof and applied solely to meet the agency’s obligations under any agreement made pursuant to subdivision twenty-eight of section forty-four, provided that the amount so segregated shall not exceed the maximum obligation under any such contract or contracts.

Source: Section 57 — Insured mortgage reserve fund, https://www.­nysenate.­gov/legislation/laws/PVH/57 (updated Sep. 22, 2014; accessed Apr. 27, 2024).

40
Short title 41
Statement of legislative findings and purposes 42
Definitions 43
New York state housing finance agency 44
Powers of the agency 44‑A
Low rent dwelling accommodations 44‑B
Mortgage modifications, evidence of pre-existing indebtedness 44‑C
Federally-aided mortgage loans 45
Transfer of officers and employees 45‑A
Housing trust fund corporation 45‑B
Affordable housing corporation 45‑C
Homeless housing and assistance corporation 46
Notes and bonds of the agency 47
Reserve funds and appropriations 47‑A
State university construction bonds and notes 47‑B
Mental hygiene improvement bonds and notes 47‑C
Special provisions related to certain bonds and notes 47‑D
Health facilities bonds and notes 47‑E
Housing program bonds and notes 48
Agreement with the state 49
State’s right to require redemption of bonds 50
Remedies of noteholders and bondholders 51
Monies of the agency 51‑A
Federal rental assistance program administrative fees 52
Notes and bonds as legal investment 53
Exemption from taxation of property and income 54
Exemption from taxation of notes and bonds 55
Assistance by state officers, departments, boards and commissions 56
Reports 56‑A
Indemnification of members, officers and employees 57
Insured mortgage reserve fund 58
Special revenue housing coverage reserve funds 59
Bond reserve insurance fund 59‑A
Housing trust fund account 59‑B
Affordable housing development account 59‑C
Insured housing initiatives fund 59‑D
Turnkey/enhanced housing account 59‑E
Infrastructure development fund 59‑G
Permanent housing for homeless families fund 59‑H
Manufactured home cooperative fund 59‑I
Homeless housing and assistance account 60
Housing project repair fund 61
Inconsistent provisions in other laws superseded 61‑A
Actions 62
Article not affected if in part unconstitutional
Green check means up to date. Up to date

Accessed:
Apr. 27, 2024

Last modified:
Sep. 22, 2014

§ 57’s source at nysenate​.gov

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