NY A05697

Creates the New York State Diplomas to Homeownership Program providing awards of up to $15,000 (or 10% of property purchase price, whichever is less) to help first-time homebuyers pay off student loans

Requires applicants to have graduated from a New York high school and obtained an undergraduate degree from a New York college or university, with outstanding student loan debt

Limits eligible properties to land bank properties and prohibits combining with other state homebuyer incentive programs

Mandates recipients live in the purchased property for 5 continuous years or repay the award on a sliding scale (100% if moving within 12 months, decreasing by 20% each year until fully forgiven after 5 years)

Appropriates $5 million to the State of New York Mortgage Agency to administer the program