Mortgage Agency, State of New York
The State of New York Mortgage Agency was established as a public benefit corporation by Laws of 1970, Chapter 612 (as amended by Chapters 613 and 614), to "provide increased availability of residential mortgage funds." Laws of 1972, Chapter 234, further authorized SONYMA to "issue its bonds and notes for the purpose of making available funds" for student loans. The agency is administratively situated within the Division of Housing and Community Renewal.