Mortgage Agency, State of New York
skip breadcrumbsAgency Web Site: https://hcr.ny.gov/sonyma
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. In 2009, the Agency’s existing authority to issue tax-exempt bonds to finance education loans was modernized and expanded to authorize the Agency to implement a program to finance education loans for higher education costs for students attending schools in New York 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 $173.85 million in appropriations in 2013-14 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.
| Category | Available 2012-13 |
Appropriations Recommended 2013-14 |
Change From 2012-13 |
Reappropriations Recommended 2013-14 |
|---|---|---|---|---|
| State Operations | 76,800,000 | 76,800,000 | 0 | 0 |
| Aid To Localities | 91,665,000 | 97,050,000 | 5,385,000 | 0 |
| Total | 168,465,000 | 173,850,000 | 5,385,000 | 0 |
Note: Most recent estimates as of 01/22/2013