NY S02701

Expands eligibility for New York's low interest rate mortgage program to include individuals who have graduated from post-secondary education or comparable apprenticeship and workforce training programs within the past seven years.

Limits eligible property purchases to owner-occupied residential property located in municipalities with populations under one million and in areas designated as economically depressed or facing population loss by the Division of Homes and Community Renewal.

Provides eligible graduates with an interest rate 1.5 percent lower than the standard low interest rate program rate for 30-year mortgages during a 10-year period after the act's effective date.

Requires the Commissioner of the New York Mortgage Agency to establish rules and regulations for administering the program.

Takes effect thirty days after becoming law, with immediate authorization for implementing rules and regulations.