NY A04307

Creates 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 surviving unmarried spouses of veterans.

Authorizes loans up to 20 percent of home purchase value or $40,000 for unimproved land for construction of new dwellings, with loans secured by a second mortgage on the property.

Establishes loan terms with interest rates and repayment periods determined by the agency, not to exceed the term of the first mortgage or 30 years, with agency discretion to adjust terms if borrower cannot repay.

Authorizes the agency to issue up to $20 million in negotiable bonds and notes to fund the program, with bond terms not exceeding 30 years and note terms not exceeding 7 years.

Defines eligible veterans as those who served on active duty during wartime (World War I, World War II, Korean hostilities, Vietnam conflict, Persian Gulf conflict) or received expeditionary medals, with honorable discharge required; effective 180 days after enactment.