N.Y. Private Housing Finance Law Section 57
Insured mortgage reserve fund


1.

The agency shall create and establish a special fund, to be known as the insured mortgage reserve fund, and shall pay into such fund all monies appropriated and made available by the state for the purposes of such fund and any other monies from any other source or sources available therefor. The monies held in such fund shall be used (1) to meet the agency’s obligations under an agreement with the federal government pursuant to subdivision twenty-eight of § 44 (Powers of the agency)section forty-four of this article, (2) to meet the agency’s obligations to pay the principal of and interest on notes issued for the purpose of making a mortgage loan to a company which mortgage loan or a subsequent mortgage loan to such company has been insured by the federal government, only however to the extent that all other revenues of the agency, including the proceeds of any sale, assignment or other disposition of a mortgage loan insured by the federal government, available for such purposes are not sufficient to meet such obligations of the agency, (3) to establish escrow accounts as may be required by the federal government as a condition for the issuance of mortgage insurance, (4) to pay for installation of such life safety devices as may be required by the federal government which devices are in addition to and not in substitution for any requirement heretofore imposed on the company, and

(5)

to pay closing costs arising out of the company’s obtaining mortgage insurance from the federal government. Any income or interest earned by, or increment to the insured mortgage reserve fund may be used for authorized purposes including, but not limited to, the addition of such income or interest earned, or increment to the monies held in such fund for the purposes herein provided, the repayment of appropriation expenditures made to the credit of such fund, or to secure the payment of the principal of and interest on notes or revenue housing bonds. Any portion of the monies held in such fund shall, if the federal government so requires, be segregated from any other portion thereof and applied solely to meet the agency’s obligations under any agreement made pursuant to subdivision twenty-eight of section forty-four, provided that the amount so segregated shall not exceed the maximum obligation under any such contract or contracts.

Source: Section 57 — Insured mortgage reserve fund, https://www.­nysenate.­gov/legislation/laws/PVH/57 (updated Sep. 22, 2014; accessed Jul. 13, 2024).

40
Short title
41
Statement of legislative findings and purposes
42
Definitions
43
New York state housing finance agency
44
Powers of the agency
44‑A
Low rent dwelling accommodations
44‑B
Mortgage modifications, evidence of pre-existing indebtedness
44‑C
Federally-aided mortgage loans
45
Transfer of officers and employees
45‑A
Housing trust fund corporation
45‑B
Affordable housing corporation
45‑C
Homeless housing and assistance corporation
46
Notes and bonds of the agency
47
Reserve funds and appropriations
47‑A
State university construction bonds and notes
47‑B
Mental hygiene improvement bonds and notes
47‑C
Special provisions related to certain bonds and notes
47‑D
Health facilities bonds and notes
47‑E
Housing program bonds and notes
48
Agreement with the state
49
State’s right to require redemption of bonds
50
Remedies of noteholders and bondholders
51
Monies of the agency
51‑A
Federal rental assistance program administrative fees
52
Notes and bonds as legal investment
53
Exemption from taxation of property and income
54
Exemption from taxation of notes and bonds
55
Assistance by state officers, departments, boards and commissions
56
Reports
56‑A
Indemnification of members, officers and employees
57
Insured mortgage reserve fund
58
Special revenue housing coverage reserve funds
59
Bond reserve insurance fund
59‑A
Housing trust fund account
59‑B
Affordable housing development account
59‑C
Insured housing initiatives fund
59‑D
Turnkey/enhanced housing account
59‑E
Infrastructure development fund
59‑G
Permanent housing for homeless families fund
59‑H
Manufactured home cooperative fund
59‑I
Homeless housing and assistance account
60
Housing project repair fund
61
Inconsistent provisions in other laws superseded
61‑A
Actions
62
Article not affected if in part unconstitutional

Accessed:
Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 57’s source at nysenate​.gov

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