NY A00379

Establishes eligibility for recent graduates of post-secondary education programs or comparable apprenticeship and workforce training programs to participate in the New York mortgage agency's low interest rate program for seven years after graduation.

Restricts eligible property purchases to owner-occupied residential properties 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 a 1.5 percent interest rate reduction below the standard rate for 30-year mortgages for eligible graduates for ten years from the effective date, after which rates revert to standard program rates.

Authorizes the New York mortgage agency commissioner to promulgate rules and regulations necessary to administer the program.

Takes effect on the thirtieth day after enactment, with immediate authorization for regulatory implementation.