The State of New York Mortgage Agency was established as a public benefit corporation by Laws of 1970, Chapter 612 (as amended by Chapters 613 and 614), to "provide increased availability of residential mortgage funds." Laws of 1972, Chapter 234, further authorized SONYMA to "issue its bonds and notes for the purpose of making available funds" for student loans. The agency is administratively situated within the Division of Housing and Community Renewal.
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The State of New York Mortgage Agency (SONYMA) provides for increased availability of funds for residential mortgages and student loans. SONYMA may issue mortgage revenue bonds and apply the proceeds to the purchase of mortgage loans for owner-occupied, one-to-four unit residences meeting agency eligibility criteria. SONYMA also provides mortgage insurance or mortgage pool insurance on loans or aggregates of loans for certain types of properties. The agency also makes or purchases student loans guaranteed by the New York Higher Education Assistance Corporation (HESC). The membership of SONYMA is comprised of nine directors: the state comptroller, who shall serve until his or her successor is appointed; the director of the budget of the state of New York; the commissioner of housing and community renewal; one director appointed by the temporary president of the senate; one director appointed by the speaker of the assembly; and four directors to be appointed by the governor with the advice and consent of the senate.
L. 1970, Ch. 612, 613, 614; L. 1972, Ch. 234.
