Assemblywoman Gunther understands that the economy is headed in the wrong direction. That’s why she authored legislation facilitating a $1 billion investment in the development of a major resort and video lottery terminal gaming facility at the former site of the Concord Hotel. The project will include a new hotel, convention center, racino, retail space, parking garage and at least one 18-hole golf course. The legislation, soon to be signed by Governor Paterson, will provide for:

• 2,000 new, good-paying jobs for local residents

• Over $38 million annually for education in New York State

• Increased tourism, resulting in further investment in the area’s local economy

Assemblywoman Gunther fought to pass legislation – soon to become law – addressing New York’s subprime lending crisis and offering assistance to homeowners overwhelmed by their mortgages (A.10817-A). The agreement helps current homeowners by:

• Providing a 90-day foreclosure notice to alert borrowers that they are in default or foreclosure

• Establishing Mandatory Settlement Conferences to bring a lender together with the party in default or foreclosure

The agreement also establishes protections for future homeowners by:

• Enacting a subprime mortgage lending statute requiring lenders to consider borrowers’ abilities to repay the loan

• Cracking down on lender scams and setting standards for home loans that require brokers to act in the best interests of borrowers

• Requiring registration of all businesses servicing mortgage loans

• Establishing the crime of residential mortgage fraud

• Allotting $25 million for legal representation and mediation for lending victims