State of New York Mortgage Agency

State of New York Mortgage Agency
Agency overview
Formed1970
TypePublic-benefit corporation
JurisdictionNew York, U.S.
HeadquartersNew York City, New York, U.S.
Parent departmentNew York State Homes and Community Renewal
Websitehcr.ny.gov/sonyma
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The State of New York Mortgage Agency (SONYMA or Sonny Mae) is a public-benefit corporation created in 1970 by the state government of New York to increase the availability of residential mortgage funds and support affordable homeownership. It offers below-market fixed-rate mortgages and related programs for eligible low- and moderate-income homebuyers, principally first-time buyers, and funds its activities mainly by issuing tax-exempt revenue bonds backed by mortgage repayments. For financial reporting purposes, SONYMA is a component unit of the State of New York and is part of New York State Homes and Community Renewal (HCR).

SONYMA also operates a Mortgage Insurance Fund (MIF) that provides mortgage insurance for single-family and multifamily loans made by commercial and public lenders, including loans financing the construction of affordable rental housing.

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