Bill Text: NY S00935 | 2023-2024 | General Assembly | Introduced

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Bill Title: Expands eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs or comparable apprenticeship and workforce training programs for the purchase of certain property.

Spectrum: Slight Partisan Bill (Democrat 5-2)

Status: (Engrossed) 2024-03-19 - referred to banks [S00935 Detail]

Download: New_York-2023-S00935-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           935

                               2023-2024 Regular Sessions

                    IN SENATE

                                     January 9, 2023
                                       ___________

        Introduced  by  Sens.  KENNEDY, BORRELLO, HELMING, HINCHEY -- 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

          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 or  compa-
     5  rable apprenticeship and workforce training programs shall, for a period
     6  of  seven years after such graduation, be eligible to participate in the
     7  low interest rate program of the state  of  New  York  mortgage  agency.
     8  Such eligibility shall be limited to the purchase of residential proper-
     9  ty which shall be owner-occupied, located in a municipality with a popu-
    10  lation  of  less than one million and in an area which is either econom-
    11  ically depressed or facing population loss as determined by the division
    12  of homes and community renewal.  For eligible individuals, the  interest
    13  rate for thirty-year mortgages shall be 1.5 percent lower than the stan-
    14  dard interest rate offered to all other participants in the low interest
    15  rate  program for a period of ten years after the effective date of this
    16  section, after which the interest rate for such individuals shall be the
    17  same as the standard rate; provided however, that in no case  shall  the
    18  interest  rate  for  such eligible individuals be less than zero percent
    19  per annum unless so authorized by rules and regulations  promulgated  by
    20  the commissioner of the state of New York mortgage agency.
    21    The  commissioner  of  the  state  of  New  York mortgage agency shall
    22  promulgate such rules and regulations as may be necessary for the admin-
    23  istration of this section.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02308-02-3
        S. 935                              2

     1    § 2. This act shall take effect on the ninetieth day  after  it  shall
     2  have become a law. Effective immediately, the addition, amendment and/or
     3  repeal  of  any  rule  or regulation necessary for the implementation of
     4  this act on its effective date are authorized to be made  and  completed
     5  on or before such effective date.