NY A06421

Establishes a "veteran's home and land ownership loan fund" administered by the New York State Housing Finance Agency to provide loans to honorably discharged veterans and their surviving unmarried spouses.

Authorizes loans up to 20 percent of home purchase value or $40,000 for unimproved land, for purchasing dwellings up to four units (with borrower occupying at least one unit) or for construction of new dwellings.

Loans are secured by second mortgage on the property; unpaid balance becomes due if borrower transfers property or ceases occupying it; agency may adjust interest rates and terms if borrower cannot repay.

Permits agency to issue bonds and notes up to $20 million aggregate to fund the program, with loan terms not exceeding 30 years and maximum bond maturity of 30 years.

Defines "veteran" to include those who served during specified wars (World War I, World War II, Korean hostilities, Vietnam conflict, Persian Gulf conflict) or recipients of certain expeditionary medals, and requires agency to adopt implementing regulations.