Mortgage Agency, State of New York

Note: Most recent estimates as of 01/22/08.

Mission

The State of New York Mortgage Agency (SONYMA) is a public benefit corporation created in 1970 to increase the affordability of homeownership for low- to moderate-income residents of New York State. This is accomplished by the Agency's issuance of taxable and tax-exempt bonds and the use of proceeds to purchase low-interest rate mortgage loans. In 1978, the Agency's mission was expanded to include the issuance of mortgage insurance to promote the stabilization of neighborhoods throughout the State.

Budget Highlights

The Agency receives no direct operating support from the State. Statute requires the State to guarantee payments made by the Agency to the State in prior years. The Executive Budget recommends more than $331 million in appropriations in 2008-09 to satisfy this requirement, although no cash disbursements are projected to be made from this appropriation. All State of New York Mortgage Agency programs and operations are supported by Agency funds, consisting of mortgage income, application fees, insurance premiums and investment proceeds. SONYMA has an staffing level of 101 FTEs for 2008 09 and increase of 8 FTEs from 2007-08 levels.

• Housing Opportunity Fund: As part of a 2008-09 infrastructure and economic development plan, a total of $400 million will be used for a new "Housing Opportunity Fund". These resources will be targeted to the development of affordable, supportive and workforce housing initiatives across the state. The new Fund will be financed by the release of reserves held by the SONYMA Mortgage Insurance Fund, and the sale of property at the Jacob K. Javits Convention Center site, and will be allocated with $300 million for the Downstate region and $100 million for the Upstate region.

2008-09 Executive Budget — Agency Presentation
Mortgage Agency, State of New York (PDF)