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Funds for SONYMA’s Mortgage Insurance Fund are generated from a portion of the state’s mortgage recording tax surcharge. It was created from the merger of DHCR and Nyhomes on 22 September 2010. See also
The MIF also provides mortgage pool and primary insurance for single-family mortgages purchased by SONYMA. The MIF is funded from a surtax on the recording of mortgages in New York State. SONYMA was created in 1970 to stabilize the supply of residential mortgage funding. [4] SONYMA is a subsidiary of New York State Homes and Community Renewal. [5]
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Also, recording laws generally do not protect purchasers against real estate taxes because notice of them is usually not required to be recorded for them to be effective. Finally, certain classes of nongovernmental liens such as mechanic's liens are often made effective for a certain period of time even if they are unrecorded.
If you used a cash-out refinance in 2021 to get another $900,000 mortgage, you may be able to deduct the interest you pay on up to $825,000 in debt from your new mortgage—but not the additional ...
The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City. As currently written, the program also focuses on promoting affordable housing in the most densely populated areas of New York City. The exemption ...
A one-bedroom apartment in New York City costs about $4,250 a month in gross rent. Yet, the median monthly housing costs for homeowners stand at about $2,991. Yet, the median monthly housing costs ...
The tax department was formally created on January 1, 1927, but the first signs of the department date to 1859. The original intent was to find a way (a mathematical formula) to distribute tax revenue to individual counties in New York State.