Affordable Housing Resources for Lenders

    • FHA/HUD Resource Page
    • Low to Moderate Income limits
    • Freddie Mac Tools & Resources Page
    • Fannie Mae Resources Page
Affordable Fridays Webinar with Long Island Housing Partnership (January 2023)

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YouTube video

Affordable Fridays Webinar with SONYMA (February 2023)

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YouTube video

Affordable Fridays Webinar: Renovation Lending & CRA (March 2023)

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Affordable Fridays Webinar: Legislation Impacting Affordable Housing (April 2023)

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Affordable Fridays Webinar: Community Land Trusts (May 2023)

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Affordable Fridays Webinar with HUD/FHA (June 2023)

FHA Resource Center

Helpful links

Affordable Fridays Webinar with Habitat for Humanity NYS (July 2023)

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YouTube video

Affordable Fridays Webinar: Reverse Mortgage Loan Programs (August 2023)

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Affordable Fridays Webinar with Fannie Mae & REO Properties (Sept. & Oct. 2023)

Slide deck September

Slide deck October

Affordable Fridays Webinar with Freddie Mac (Nov. & Dec. 2023)

Slide deck November

Slide deck December

Affordable Fridays Webinar: Loan Program for Lenders (January 2024)

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YouTube video

New York DFS Proposes Industry Guidance Regarding Character and Fitness Assessments

The New York Department of Financial Services (NYDFS) recently released proposed guidance for companies to use to update their framework for the review and assessment of the character and fitness of company leaders, both upon onboarding and on an ongoing basis. If adopted, the guidance will be applicable to NYDFS regulated banks and IMBs licensed or chartered under New York law. The guidance applies to each member of a covered institution’s board of directors, board of trustees, and/or board of managers, and each senior officer. While the language of the guidance encourages a “risk-based” approach to implementation and provides a sample questionnaire, a lack of specificity in some areas requires further analysis. MBA and New York MBA have submitted a letter in response to this proposal asking for a narrower scope and greater specificity on certain items to prevent varying interpretations and uncertainty.

Why it matters: Following recent high-profile bank failures, including one under the supervision of NYDFS, the Department is signaling that it expects tighter controls and scrutiny of company leaders with respect to any potential conflicts of interest or any regulatory issues at companies where they previously served.

Decision Issued in Kessler Case

On February 14, 2023, the New York Court of Appeals issued its decision in the case of Bank of America v. Kessler. As you are aware, last year, the Kessler decision issued by the Second Department resulted in a significant upheaval in the state, resulting in a plethora of dismissals or voluntary discontinuances due to 90 day notices containing additional information including disclosures required by Federal law.

NYMBA was one of multiple trade organizations that filed an Amicus Brief with the Court of Appeals on this case, recognizing the impact that the case had on its members and industry as a whole. Today, we are excited to announce to our members that the Court of Appeals reversed the decision issued by the Second Department Appellate Division, holding that the inclusion of concise and relevant additional information did not void the notice sent pursuant to Real Property Action and Proceedings Law §1304.

In reviewing the objectives of the legislature in enacting §1304, the Court identified two parts to review: (1) that the notice “shall include” the specified language; and (2) the notice must be sent in a separate envelope. Relying on the plain language and reading of the statute, the court determined that, in reference to the wording “shall include,” the legislature did not intend for the notice to only include the statutorily required language. As such, as the notice in Kessler included the required language per §1304, the notice complied with the requirements.

The focus then shifted to the main issue at the heart of the case as to whether the additional language violated the separate mailing requirement by constituting “other mailing or notice.” The Court of Appeals noted that to read this provision as the lower courts and apply a bright line rule “would lead to nonsensical results.” The Court clarified that “other mailing or notice” refers to notices such as default notices, interest rate changes, monthly statements, or servicer change letters. However, again looking to the legislative purpose of §1304, the Court concluded that since §1304 was designed to help borrowers avoid foreclosure, the inclusion of additional rights actually furthered the purpose of §1304. Finally, the Court noted that applying the bright-line rule also would conflict with the disclosure requirements of federal law.

Please note, the Court was conscious to note that additional language should not be “false, misleading, obfuscatory, or unrelated to the purpose of the notice”, and inclusion of such language could still void the notice.

Submitted by: Natalie Grigg, Partner of Member firm Woods Oviatt Gilman

New York Passes Legislation to Extend COVID Hardship Declaration Moratorium on Residential Foreclosure and Eviction Proceedings

by Adam Gross, Partner
Gross & Polowy, LLC
The Hardship Declaration requirements of the New York COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, scheduled to expire on August 31, 2021, were extended by the legislature until at least January 15, 2022.  Click HERE for a complete copy of the legislation.   

Additional language was added to the foreclosure Hardship Declaration as of September 2, 2021.  Hardship Declarations included with the 90 day notice sent in after September 2, 2021 must include the additional language.  Click HERE for copy of the new Hardship Declaration for foreclosure and HERE for a copy of the Hardship Declaration for Eviction. The additional language is highlighted in yellow.

The legislation adds three new provisions that allow a Plaintiff to challenge the claimed hardship.  These additions were added to meet the requirements of an August 12, 2021 U.S. Supreme Court Ruling that found that the eviction Hardship Declaration “scheme violates the court’s longstanding teaching that ordinarily ‘no man can be a judge in his own case’ consistent with the Due Process Clause.”  The Hardship Declaration includes notice that the Plaintiff can challenge the declaration of hardship. New foreclosures and residential evictions can be filed even if a Hardship Declaration was returned by the mortgagor if an affidavit is provided that states that “… the foreclosing party believes in good faith that the hardship certified in the hardship declaration does not exist.”  In pending cases the Plaintiff can challenge the Hardship Declaration by making a motion asking the court to hold a hearing to determine whether the defendant’s hardship claim is invalid.  The Plaintiff must have a good faith belief that the defendant has not experienced a hardship to make this motion.

The remainder of the foreclosure related requirements of the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 were not changed.

Click HERE to read the NY Senate Press Release.

More information on the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 and the foreign language translations of the Hardship Declaration, when updated by the Office of Court Administration, are located on the NY Court’s website at:

NY DFS on Cybersecurity

Join us as we host the NY DFS Executive Deputy Superintendent of Cybersecurity Justin Herring; Supervisor/Examination Team Lead William Peterson; and Deputy Rholda Ricketts. Jacqueline Goralczyk, LL.M., CIPM will moderate the event. Questions may be submitted in advance.

Cybersecurity is an ongoing practice and companies need to ensure that regulations are followed and best practices are employed to protect themselves and their customers from risk.

Co-sponsored by DeAngelus Goralczyk, LLC


Governor Signs Eviction/Foreclosure Moratorium Bill

A bill drafted and introduced by the NYS legislature on December 24, 2020 (A.11181/S.9114) that would prevent evictions and eviction proceedings against residential tenants and prevent foreclosure actions against homeowners and certain small landlords experiencing financial or health-related hardships due to coronavirus until May 1, 2021, was passed in a special session on December 28th and signed by the Governor that evening and is effective immediately.

Under the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, tenants and homeowners must make "hardship declarations," subject to penalty of perjury,  to their landlord (tenants) and lienholder (homeowners) of their inability to pay their housing expense.  The bill stays residential foreclosure proceedings for sixty days, and allows borrowers who own ten or fewer residential dwellings, including their primary residence, who are experiencing financial hardship to file a hardship declaration with the mortgage lender, other foreclosing party or the court that will prevent the filing and proceedings on a foreclosure action until May 1, 2021. 

Governor Cuomo's Press Release, 12/28/2020
Bill A.11181/S.9114. 12/24/2020

COVID Resources

          New York Department of Financial Services–Industry Letters