2003 Yellow Book
Backward Forward Cover Overview Agency Summaries Agency Details

Mortgage Agency, State of New York
(Summary)
View Details

Adjusted
Appropriation
2002-03
Executive
Request
2003-04
Change Percent
Change

AGENCY SUMMARY

General Fund 190,553,000 248,809,000 58,256,000 30.6%

Total for AGENCY SUMMARY: 190,553,000 248,809,000 58,256,000 30.6%


Budget Highlights

The State of New York Mortgage Agency (SONYMA) is a public benefit corporation that uses tax exempt and taxable bond sale proceeds to fund low interest mortgages for low to moderate income first time and other qualifying homebuyers. SONYMA receives no direct operating support from New York State.

The Agency is included in the Transportation, Economic Development, and Environmental Conservation appropriation bill.

The Executive recommends an All Funds appropriation of $248,809,000 for State Fiscal Year (SFY) 2003-04.

The appropriation represents contingency reserve funds that provide guarantees for the Homeowner Mortgage Revenues Reimbursement Program in the amount of $61,800,000, and the Mortgage Insurance Fund Restoration in the amount of $172,009,000. This reflects an increase of $58,526,000 in revenues from the Mortgage Recording Tax in counties served by the Niagara Frontier Transit Authority and the Metropolitan Transit Authority. The State guarantees, by statute, obligations incurred by SONYMA.


Backward Forward Cover Overview Agency Summaries Agency Details

New York State Assembly
[Welcome] [Reports]