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NY A08493
Bill
Status
5/20/2025
Primary Sponsor
Phillip Steck
Click for details
AI Summary
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Graduates of post-secondary education programs, apprenticeships, or workforce training programs become eligible for the NYS Mortgage Agency's low interest rate program for seven years after graduation
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Eligible properties must be owner-occupied residential properties in municipalities with populations under one million, located in economically depressed areas or areas facing population loss as determined by the Division of Homes and Community Renewal
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Eligible individuals receive an interest rate 1.5 percentage points lower than the standard low interest rate program rate on 30-year mortgages for the first ten years after the law takes effect
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The interest rate cannot fall below zero percent unless specifically authorized by the NYS Mortgage Agency commissioner through regulations
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Takes effect 90 days after becoming law, with immediate authorization to develop necessary rules and regulations for implementation
Legislative Description
Expands eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs or comparable apprenticeship and workforce training programs for the purchase of certain property.
Last Action
referred to banks
1/7/2026