NY S02507

Amends the Private Housing Finance Law to allow the affordable home ownership development program to serve households where the home buyer is a service-related disabled veteran, in addition to the existing requirement to serve lowest income households.

Defines "service-related disabled veteran" as a person who served honorably in active military, naval, or air service during wartime or received specified expeditionary medals, and has a disability rating of 40 percent or higher from the Department of Veterans Affairs or Department of Defense for service-connected disabilities.

Specifies qualifying wars and hostilities including the Mexican Border Campaign, World Wars I and II, Korean Hostilities, Vietnam Conflict, and Persian Gulf Conflict, as well as service qualifying for Armed Forces Expeditionary Medal, Navy Expeditionary Medal, Marine Corps Expeditionary Medal, or Global War on Terrorism Expeditionary Medal.

Requires the Division to promulgate rules and regulations to document the disability rating and service requirements for qualifying veterans.

Takes effect 30 days after the bill becomes law.