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NY S03190
Bill
Status
2/4/2025
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Graduates of post-secondary education programs, apprenticeships, or workforce training programs become eligible for the NY State Mortgage Agency's low interest rate program for 7 years after graduation
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Eligibility is limited to purchasing owner-occupied residential property in municipalities with populations under 1 million that are designated as economically depressed or experiencing population loss by the Division of Homes and Community Renewal
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Eligible individuals receive an interest rate 1.5% lower than the standard low interest rate program rate on 30-year mortgages for 10 years after the law takes effect, after which the rate reverts to the standard program rate
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Interest rates cannot fall below 0% unless authorized by mortgage agency regulations
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Takes effect 90 days after becoming law, with immediate authorization for regulatory rulemaking
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 LOCAL GOVERNMENT
1/7/2026