Increasing the Bond and Notes Authorization in New York State Mortgage Agency

Albany, NY – Governor Kathy Hochul signed bill A10223 which has taken into effect and will increase the bond and note authorization of the state of New York mortgage agency (SONYMA). The new law will increase the bond and notes from one billion dollars to one billion five hundred million dollars. This will allow SONYMA to use its taxable bond to buy mortgage loans for eligible non-first-time buyers and create new programs under its portfolio and other vast opportunities.

NYS Assembly Member Yudelka Tapia stated: “Since 1970 the State of New York Mortgage Agency (SONYMA) has help hundreds of families, providing opportunities for affordable homeownership. For many families owning a home is the realization of the American Dream.Getting the limit of the bond and notes increased to one billion five hundred million dollars for the first time since 2016 will represent a game changer for many more low and moderate-income families with the opportunity to buy a home through SONYMA"