S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9287
                                 I N  A S S E M B L Y
                                     April 8, 2014
                                      ___________
       Introduced  by  M.  of  A.  MAGEE, CROUCH, FINCH, GUNTHER, HAWLEY, OTIS,
         ROSENTHAL, RUSSELL,  SKOUFIS,  STIRPE,  BARCLAY,  JAFFEE,  MAGNARELLI,
         MONTESANO, PEOPLES-STOKES, TITONE, BRONSON -- Multi-Sponsored by -- M.
         of A. BUTLER, CAMARA, CERETTO, COOK, DUPREY, GOTTFRIED, KEARNS, LUPAR-
         DO, LUPINACCI, McLAUGHLIN, ROBINSON, SIMANOWITZ, THIELE, WEISENBERG --
         read once and referred to the Committee on Higher Education
       AN  ACT  to amend the education law, in relation to establishing the New
         York state young farmers loan forgiveness incentive program
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. The education law is amended by adding a new section 679-f
    2  to read as follows:
    3    S 679-F. NEW YORK  STATE  YOUNG  FARMERS  LOAN  FORGIVENESS  INCENTIVE
    4  PROGRAM.  1. PURPOSE. THE PRESIDENT SHALL GRANT STUDENT LOAN FORGIVENESS
    5  AWARDS FOR THE PURPOSE OF ALLEVIATING THE BURDEN OF  STUDENT  LOAN  DEBT
    6  FOR  YOUNG FARMERS. SUCH AWARDS SHALL BE MADE ON A COMPETITIVE BASIS, IN
    7  ACCORDANCE WITH RULES AND REGULATIONS PROMULGATED BY THE CORPORATION FOR
    8  SUCH PURPOSES, TO APPLICANTS WHO MEET  THE  ELIGIBILITY  CRITERIA.  SUCH
    9  RULES  AND REGULATIONS SHALL INCLUDE PROVISIONS FOR THE CONSIDERATION OF
   10  APPLICANTS WHO ARE ECONOMICALLY DISADVANTAGED.
   11    2. ELIGIBILITY. TO BE ELIGIBLE FOR AN AWARD PURSUANT TO THIS  SECTION,
   12  APPLICANTS  SHALL:  (A)  HAVE  GRADUATED  AND  OBTAINED A DEGREE FROM AN
   13  APPROVED NEW YORK STATE COLLEGE OR UNIVERSITY; (B) HAVE  AN  OUTSTANDING
   14  STUDENT  LOAN DEBT FROM OBTAINING SUCH DEGREE; (C) OPERATE A FARM IN NEW
   15  YORK STATE ON A FULL-TIME BASIS; (D) AGREE TO OPERATE SUCH FARM FOR  THE
   16  DURATION  OF  NO LESS THAN FIVE YEARS; (E) APPLY FOR THIS PROGRAM WITHIN
   17  TWO YEARS OF COLLEGE GRADUATION; AND (F) COMPLY WITH SUBDIVISIONS  THREE
   18  AND FIVE OF SECTION SIX HUNDRED SIXTY-ONE OF THIS PART.
   19    3.  AWARDS.  NO  GREATER THAN TEN AWARDS SHALL BE GRANTED TO QUALIFIED
   20  APPLICANTS IN THE AMOUNT OF UP TO TEN THOUSAND  DOLLARS  PER  YEAR,  PER
   21  APPLICANT,  NOT TO EXCEED A DURATION OF FIVE YEARS AND NOT TO EXCEED THE
   22  TOTAL AMOUNT OF SUCH APPLICANT'S  STUDENT  LOAN  DEBT.  THE  CORPORATION
   23  SHALL  GRANT  SUCH  AWARDS WITHIN AMOUNTS APPROPRIATED FOR SUCH PURPOSES
   24  AND BASED ON THE AVAILABILITY OF FUNDS. NO ONE APPLICANT  SHALL  RECEIVE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13526-03-4
       A. 9287                             2
    1  MORE  THAN A TOTAL OF FIFTY THOUSAND DOLLARS UPON THE END OF A FIVE YEAR
    2  PERIOD.
    3    4.  PRIORITY.  FIRST  PRIORITY  SHALL  BE  GIVEN TO APPLICANTS WHO ARE
    4  COMPLETING THE SECOND, THIRD, FOURTH OR FIFTH  YEAR  OF  FULL-TIME  FARM
    5  OPERATION  AND  ARE  RE-APPLYING TO RECEIVE AN AWARD UNDER THIS PROGRAM.
    6  SECOND PRIORITY SHALL BE GIVEN  TO  AN  APPLICANT  WHO  CAN  DEMONSTRATE
    7  ECONOMIC NEED BUT DID NOT RECEIVE AN AWARD DURING THE FIRST YEAR OF THIS
    8  PROGRAM'S OPERATION. IF LARGER NUMBERS OF APPLICANTS ARE ELIGIBLE PURSU-
    9  ANT TO THIS SUBDIVISION THAN FUNDS AVAILABLE, APPLICANTS SHALL BE CHOSEN
   10  PURSUANT  TO  RULES  AND  REGULATIONS  PROMULGATED  BY  THE CORPORATION.
   11  PROVIDED, HOWEVER, THAT EACH APPLICANT CHOSEN SHALL RECEIVE AN AWARD  OF
   12  UP  TO TEN THOUSAND DOLLARS IN EACH YEAR SUCH APPLICANT IS ACCEPTED INTO
   13  THE PROGRAM.
   14    S 2. This act shall take effect on the one hundred eightieth day after
   15  it shall have become a law; provided, however that any  rules  or  regu-
   16  lations  necessary  for  the  timely  implementation  of this act on its
   17  effective date may be promulgated on or before such effective date.