Bill Text: NY S00652 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to expanding eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO LOCAL GOVERNMENT [S00652 Detail]

Download: New_York-2017-S00652-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           652
                               2017-2018 Regular Sessions
                    IN SENATE
                                     January 4, 2017
                                       ___________
        Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
        AN ACT to amend the real property tax  law,  in  relation  to  expanding
          eligibility for the low interest rate program of the state of New York
          mortgage  agency  to  certain  graduates  of  post secondary education
          programs
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  real  property  tax  law  is amended by adding a new
     2  section 457-a to read as follows:
     3    § 457-a. Eligibility for the low interest rate program.    Individuals
     4  who have graduated from a program in post secondary education shall, for
     5  a  period  of  seven years after such graduation, be eligible to partic-
     6  ipate in the low interest rate program of the state of New York mortgage
     7  agency. For such individuals, the interest rate  for  thirty-year  mort-
     8  gages shall be 1.5 percent lower than the standard interest rate offered
     9  to  all other participants in the low interest rate program for a period
    10  of ten years after the effective date of this section, after  which  the
    11  interest  rate  for  such  individuals shall be the same as the standard
    12  rate.
    13    The commissioner of the state of New York mortgage agency may  promul-
    14  gate  such  rules  and  regulations as may be necessary for the adminis-
    15  tration of this section.
    16    § 2. This act shall take effect on the thirtieth day  after  it  shall
    17  have become a law. Effective immediately, the addition, amendment and/or
    18  repeal  of  any  rule  or regulation necessary for the implementation of
    19  this act on its effective date is authorized to be  made  on  or  before
    20  such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00669-01-7