Authorizes the establishment of the home equity protection insurance program directing the agency to issue a commitment to insure and insure the full value of certain residences which are owner-occupied by persons who meet certain income qualifications.
Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.
Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.
Relates to establishing the lump sum allocation advisory committee (Part A); relates to requiring transparency, identification and disclosure of certain appropriations (Part B); relates to withholding the salaries of the governor, agency commissioners and deputy commissioners for failing to meet certain reporting deadlines (Part C); relates to creating a tax rate reduction board to look at personal income tax and corporate franchise tax rates (Part D); relates to conducting an audit of all state economic development programs (Part E); relates to prohibiting certain political contributions by individuals appointed to entities that oversee lump sum appropriations (Part F); relates to prohibiting certain third party contracts (Part G).
Allows for the removal of members of the state board of parole by a majority vote in the senate and the assembly; requires three or more members of such board personally interview potential parolees; requires that the determination to parole an incarcerated individual be unanimous.