The State of New York Mortgage Agency (SONYMA) is a public authority created in 1970 by the state government of New York to provide affordable homeownership to low- and moderate-income New Yorkers. It offers affordably priced fixed-rate mortgages through several mortgage programs for eligible homebuyers. Each program offers competitive interest rates, low down payments, down payment assistance and no prepayment penalties. SONYMA offers its programs through a network of participating lenders throughout New York state who contract with the agency to offer SONYMA's programs to their customers. The mortgage loans are purchased from the lenders by SONYMA, which funds the purchases by issuing tax-exempt bonds.
SONYMA also runs a Mortgage Insurance Fund (MIF) to provide insurance for mortgages made by commercial and public lenders to finance construction of affordable multifamily apartment developments. 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.
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“The discovery of Pennsylvania’s coal and iron was the deathblow to Allaire. The works were moved to Pennsylvania so hurriedly that for years pianos and the larger pieces of furniture stood in the deserted houses.”
—For the State of New Jersey, U.S. public relief program (1935-1943)
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—For the State of Kansas, U.S. public relief program (1935-1943)
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—Paul Feyerabend (1924–1994)
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—Federico García Lorca (1898–1936)
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Bid the slaves of thrift farewell.”
—Samuel Johnson (1709–1784)
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—Robert Benchley (1889–1945)