NY A02338

Creates a "Veteran's Home and Land Ownership Loan Fund" administered by the New York State Housing Finance Agency to help honorably discharged veterans and their surviving unmarried spouses purchase homes or unimproved land for construction

Limits loans to 20% of the home's appraised value or $40,000 for unimproved land, with eligible properties including dwellings of up to four residential units where the veteran must occupy at least one unit

Requires loans to be secured by a second mortgage, with the full balance plus interest becoming due if the recipient sells, transfers, or stops occupying the property

Authorizes the agency to issue up to $20 million in bonds and notes to fund the program, with a maximum bond maturity of 30 years and note maturity of 7 years

Defines eligible veterans as those who served during specified conflicts (WWI, WWII, Korea, Vietnam, Persian Gulf) for at least 90 days, or recipients of expeditionary medals for operations in Lebanon, Grenada, or Panama