Mortgage Agency, State of New York

Agency 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.

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 FY 2017 Executive Budget recommends $192 million in appropriations 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

Note: Most recent estimates as of 01/13/2016

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