NY S07936

Graduates of post-secondary education programs become eligible for the New York Mortgage Agency's low interest rate program for seven years after graduation.

Eligible graduates receive a 1.5 percent interest rate reduction below the standard rate for 30-year mortgages for ten years after the bill's effective date.

After the ten-year promotional period expires, graduates receive the standard interest rate offered to all other program participants.

The Commissioner of the New York Mortgage Agency is authorized to promulgate necessary rules and regulations to administer this program.

The act takes effect thirty days after enactment, with rule-making authorized to begin immediately.