NY S06232

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

Eligibility limited to purchase of owner-occupied residential property in municipalities with populations under one million located in economically depressed areas or areas facing population loss, as determined by the division of homes and community renewal.

Eligible individuals receive a 1.5 percent lower interest rate on 30-year mortgages compared to standard program rates for ten years after the law's effective date, then revert to standard rates.

The commissioner of the New York mortgage agency is authorized to promulgate rules and regulations necessary to administer the program.

The act takes effect 30 days after becoming law, with authority for rule-making to begin immediately upon enactment.