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NY A04336
Bill
Status
2/4/2025
Primary Sponsor
Yudelka Tapia
Click for details
AI Summary
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Establishes the "New York Student Loan Assistance and Home Purchase Program" to help individuals burdened by student debt purchase homes by consolidating student loans into mortgages
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Authorizes the program to purchase mortgages, existing mortgages, and student loans from banks, with no limit on the amount of student loan debt that can be incorporated into a mortgage
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Prohibits the program from considering foreclosure status, home cleanliness, or whether the property is a first home when evaluating applicants
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Requires participants to maintain the purchased home as their primary residence for at least five years from closing, with penalties for violations
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Takes effect 180 days after becoming law, with the Commissioner of Housing and Community Renewal responsible for establishing eligibility requirements, interest rates, and program regulations
Legislative Description
Establishes the "New York student loan assistance and home purchase act", for the purposes of facilitating the purchase of homes by individuals who are burdened by student debt, by providing financing opportunities for the consolidation of student debt into a mortgage.
Last Action
referred to housing
1/7/2026