New York Laws
Article 2 - Meaning of Terms
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.

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