NY A04830

Establishes the New York state diplomas to homeownership program providing awards of up to $15,000 to help eligible applicants pay down student loan debt when purchasing a home.

Requires applicants to have graduated from a New York high school or earned a state high school equivalency diploma, obtained an undergraduate degree from a New York college or university, have outstanding student loan debt, and be purchasing an approved land bank property.

Award amount equals ten percent of the qualified property's purchase price (not exceeding $15,000) or the remaining student loan balance, whichever is less, and must be applied directly to federal or state education loans.

Recipients must remain in the qualified property as their primary residence for five continuous years or face repayment obligations on a sliding scale ranging from 100% if they move within 12 months to 20% if they move between 48-60 months.

Appropriates $5,000,000 from the state general fund to the New York mortgage agency to administer the program, with awards issued as mortgage agency loans.