NY A05949

Amends the Private Housing Finance Law to allow the affordable home ownership development program to serve service-related disabled veterans in addition to lowest-income households in applicable regions.

Defines "service related disabled veteran" as a person who served in active military, naval, or air service (or received an armed forces expeditionary medal or equivalent) and was discharged under honorable conditions.

Requires service-related disabled veterans to have a disability rating of 40 percent or higher from the Federal Veterans Administration or U.S. Department of Defense, with the disability incurred in line of duty.

Authorizes the division to promulgate rules and regulations to document and verify disability ratings and service-related requirements.

Takes effect thirty days after becoming law.