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The State of New York Mortgage Agency (SONYMA or Sonny Mae) is a New York State public-benefit corporation created in 1970 by the state government of New York to provide affordable homeownership to low-and moderate-income New Yorkers. [1] [2] It offers affordably priced fixed-rate mortgages through several mortgage programs
Its mission is to expand affordable housing opportunities for low- and moderate-income New Yorkers. HCR consists of several state agencies and corporations: the New York State Division of Housing and Community Renewal (DHCR), the New York State Housing Finance Agency (HFA), the State of New York Mortgage Agency (SONYMA).
HFA and its subsidiaries are now administered by New York State Homes and Community Renewal, [4] created in September 2010 to include the New York State Division of Housing and Community Renewal. In 2017, the HFA had operating expenses of $368.76 million, an outstanding debt of $16.780 billion, and a staffing level of 263 people.
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
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The New York State Division of Housing and Community Renewal (DHCR) is an agency of the New York state government [1] responsible for administering housing and community development programs to promote affordable housing, community revitalization, and economic growth. Its primary functions include supervising rent regulations through the State ...
The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services. [9] From May 24, 2011, until October 3, 2011, Lawsky also was appointed, and served as, Acting Superintendent of Banks for the former New York State Banking Department. [9]
The New York State Public Authorities Control Board is composed of five members, appointed by the Governor, some upon the recommendation of members of the Legislature.The five members of PACB are appointed by the Governor to serve one-year terms, with one member representing the Governor and acting as the chairperson.