NY S00935

Creates new section 457-a of the real property tax law establishing eligibility for recent graduates of post-secondary education or comparable apprenticeship and workforce training programs to participate in New York mortgage agency's low interest rate program for seven years after graduation

Limits eligible property purchases to 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

Reduces interest rates on 30-year mortgages by 1.5 percent below the standard low interest rate program rate for eligible individuals for ten years from the effective date, after which the standard rate applies

Prohibits interest rates for eligible individuals from falling below zero percent per annum unless authorized by regulations from the New York mortgage agency commissioner

Directs the commissioner of the New York mortgage agency to promulgate necessary rules and regulations for administration of the program

Takes effect on the 90th day after enactment, with authority to implement rules and regulations immediately