Mortgage Agency, State of New York
skip breadcrumbs| Category | Available 2008-09 |
Appropriations Recommended 2009-10 |
Change From 2008-09 |
Reappropriations Recommended 2009-10 |
|---|---|---|---|---|
| State Operations | 76,800,000 | 76,800,000 | 0 | 0 |
| Aid To Localities | 255,009,000 | 156,500,000 | -98,509,000 | 0 |
| Total | 331,809,000 | 233,300,000 | -98,509,000 | 0 |
Note: Most recent estimates as of 12/16/08.
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 Executive Budget recommends $233.3 million in appropriations in 2009-10 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. SONYMA has a staffing level of 121 FTEs for its 2008-09 fiscal year (November 1, 2008 through October 31, 2009) reflecting no change from its prior fiscal year.
2009-10 Executive Budget — Agency Presentation
Mortgage Agency, State of New York (PDF)