NY A09925

Graduates of post-secondary education programs or comparable apprenticeship and workforce training programs become eligible for the New York mortgage agency's low interest rate program for seven years after graduation.

Eligible individuals may only use the program to purchase owner-occupied residential property in municipalities with populations under one million that are economically depressed or facing population loss, as determined by the division of homes and community renewal.

Eligible borrowers receive a 1.5 percent lower interest rate than standard program participants on 30-year mortgages for ten years after the law's effective date, after which they receive the standard rate.

The state mortgage agency commissioner must promulgate rules and regulations necessary to administer the program.

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