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Mortgage Agency, State of New York

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Agency Web Site: https://hcr.ny.gov/sonymaLink to External Website

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 SONYMA’s issuance of taxable and tax-exempt bonds, utilizing the bond proceeds to purchase low-interest rate mortgage loans, and issuing mortgage insurance to promote the stabilization of neighborhoods throughout the State.

Budget Highlights

SONYMA receives no direct operating support from the State. Statute requires the State to guarantee payments made by SONYMA to the State in prior years. The FY 2021 Executive Budget recommends $216 million in appropriations to satisfy this requirement, and no cash disbursements are projected to be made from this appropriation. All State of New York Mortgage Agency programs and operations are supported by SONYMA funds, consisting of mortgage income, application fees, insurance premiums and investment proceeds.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category Available
FY 2020		 Appropriations
Recommended
FY 2021		 Change From
FY 2020		 Reappropriations
Recommended
FY 2021
State Operations 76,800,000 76,800,000 0 0
Aid To Localities 138,399,849 139,474,429 1,074,580 0
Total 215,199,849 216,274,429 1,074,580 0

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type Available
FY 2020		 Recommended
FY 2021		 Change
General Fund 76,800,000 76,800,000 0
Total 76,800,000 76,800,000 0

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY PROGRAM
APPROPRIATIONS
(dollars)
Program Available
FY 2020		 Recommended
FY 2021		 Change
Homeowner Mortgage Revenues Reimbursement Program
General Fund 61,800,000 61,800,000 0
Mortgage Insurance Fund Reimbursement Program
General Fund 15,000,000 15,000,000 0
Total 76,800,000 76,800,000 0

STATE OPERATIONS - GENERAL FUND
SUMMARY OF NONPERSONAL SERVICE AND MAINTENANCE UNDISTRIBUTED
APPROPRIATIONS AND CHANGES
FY 2021 RECOMMENDED
(dollars)
Program Total
Amount Change
Homeowner Mortgage Revenues Reimbursement Program 61,800,000 0
Mortgage Insurance Fund Reimbursement Program 15,000,000 0
Total 76,800,000 0
STATE OPERATIONS - GENERAL FUND
SUMMARY OF NONPERSONAL SERVICE AND MAINTENANCE UNDISTRIBUTED
APPROPRIATIONS AND CHANGES
FY 2021 RECOMMENDED CONTINUED
(dollars)
Program Maintenance Undistributed
Amount Change
Homeowner Mortgage Revenues Reimbursement Program 61,800,000 0
Total 61,800,000 0
STATE OPERATIONS - GENERAL FUND
SUMMARY OF NONPERSONAL SERVICE AND MAINTENANCE UNDISTRIBUTED
APPROPRIATIONS AND CHANGES
FY 2021 RECOMMENDED CONTINUED
(dollars)
Program Maintenance Undistributed
Amount Change
Mortgage Insurance Fund Reimbursement Program 15,000,000 0
Total 15,000,000 0

AID TO LOCALITIES
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type Available
FY 2020		 Recommended
FY 2021		 Change
General Fund 138,399,849 139,474,429 1,074,580
Total 138,399,849 139,474,429 1,074,580

AID TO LOCALITIES
ALL FUNDS FINANCIAL REQUIREMENTS BY PROGRAM
APPROPRIATIONS
(dollars)
Program Available
FY 2020		 Recommended
FY 2021		 Change
Mortgage Insurance Fund Reimbursement Program
General Fund 138,399,849 139,474,429 1,074,580
Total 138,399,849 139,474,429 1,074,580

Note: Most recent estimates as of 01/29/2020

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