N.Y. General Construction Law § 26-b: Just compensation as including loss of mortgage financing

§ 26-b. Just compensation as including loss of mortgage financing.

Notwithstanding any inconsistent provisions of law, whenever property is

taken pursuant to the power of eminent domain (whether denominated

condemnation, appropriation or otherwise) just compensation required by

the state constitution shall include an amount sufficient to compensate

for the loss of existing mortgage financing if such property was used

prior to taking primarily as a residence however, such amount shall not

exceed fifteen thousand dollars. In computing the amount of such loss,

the following shall be considered: (a) the difference in the interest

rate payable on the existing mortgage from that prevailing at the date

of taking in the area where the property is located for new mortgage

loans on similar types of property to similar borrowers; (b) the length

of time from the date of taking to the maturity of the existing

mortgage, and (c) the prevailing costs to similar mortgage borrowers on

similar types of property at the date of taking in the area where the

property is located of obtaining and closing a new mortgage loan in an

amount equal to the unpaid principal balance of the existing mortgage.