Creation of a mortgage and insurance resiliency subgroup.

A Local Law to amend the administrative code of the city of New York, in relation to creation of a mortgage and insurance resiliency subgroup

This local law creates a mortgage and insurance resiliency subgroup that will include representatives of banks, mortgagors, underwriters, insurers, large and small property owners and appropriate city agencies. This subgroup must review the mortgage and insurance impacts of climate related projections and disclosure recommendations received for various property types within the special flood hazard area or areas impacted by extreme precipitation, freak windstorms or other climate hazards. The subgroup shall also consider the climate related mortgage and insurance impacts and when making recommendations intended to reduce risks to mortgages and insurers. Finally the subgroup shall submit a report on the mortgage and insurance impacts of the climate-related projections and disclosures sent to property owners along with recommendations made to the mayor and the council no later than one year from the date of enactment of this subdivision.