Mortgage Agency, State of New York

Agency Web Site: https://hcr.ny.gov/state-new-york-mortgage-agency-sonyma

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 utilizing those proceeds to purchase low-interest rate mortgage loans, and 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 FY 2018 Executive Budget recommends $209 million in appropriations 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.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category	Available FY 2017	Appropriations Recommended FY 2018	Change From FY 2017
State Operations	76,800,000	76,800,000	0
Aid To Localities	115,508,241	132,628,740	17,120,499
Total	192,308,241	209,428,740	17,120,499

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type	Available FY 2017	Recommended FY 2018	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 2017	Recommended FY 2018	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 2018 RECOMMENDED
(dollars)
Program	Total		Maintenance Undistributed
Program	Amount	Change	Amount	Change
Homeowner Mortgage Revenues Reimbursement Program	61,800,000	0	61,800,000	(61,800,000)
Mortgage Insurance Fund Reimbursement Program	15,000,000	0	15,000,000	(15,000,000)
Total	76,800,000	0	76,800,000	(76,800,000)

AID TO LOCALITIES
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type	Available FY 2017	Recommended FY 2018	Change
General Fund	115,508,241	132,628,740	17,120,499
Total	115,508,241	132,628,740	17,120,499

AID TO LOCALITIES
ALL FUNDS FINANCIAL REQUIREMENTS BY PROGRAM
APPROPRIATIONS
(dollars)
Program	Available FY 2017	Recommended FY 2018	Change
Mortgage Insurance Fund Reimbursement Program
General Fund	115,508,241	132,628,740	17,120,499
Total	115,508,241	132,628,740	17,120,499

Note: Most recent estimates as of 1/17/2017

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