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.
STATE OF NEW YORK
________________________________________________________________________
3190
2025-2026 Regular Sessions
IN SENATE
January 24, 2025
___________
Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the real property tax law, in relation to expanding
eligibility for the low interest rate program of the state of New York
mortgage agency
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The real property tax law is amended by adding a new
2 section 457-a to read as follows:
3 § 457-a. Eligibility for the low interest rate program. Individuals
4 who have graduated from a program in post secondary education or compa-
5 rable apprenticeship and workforce training programs shall, for a period
6 of seven years after such graduation, be eligible to participate in the
7 low interest rate program of the state of New York mortgage agency.
8 Such eligibility shall be limited to the purchase of residential proper-
9 ty which shall be owner-occupied, located in a municipality with a popu-
10 lation of less than one million and in an area which is either econom-
11 ically depressed or facing population loss as determined by the division
12 of homes and community renewal. For eligible individuals, the interest
13 rate for thirty-year mortgages shall be 1.5 percent lower than the stan-
14 dard interest rate offered to all other participants in the low interest
15 rate program for a period of ten years after the effective date of this
16 section, after which the interest rate for such individuals shall be the
17 same as the standard rate; provided however, that in no case shall the
18 interest rate for such eligible individuals be less than zero percent
19 per annum unless so authorized by rules and regulations promulgated by
20 the commissioner of the state of New York mortgage agency.
21 The commissioner of the state of New York mortgage agency shall
22 promulgate such rules and regulations as may be necessary for the admin-
23 istration of this section.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07075-01-5
S. 3190 2
1 § 2. This act shall take effect on the ninetieth day after it shall
2 have become a law. Effective immediately, the addition, amendment and/or
3 repeal of any rule or regulation necessary for the implementation of
4 this act on its effective date are authorized to be made and completed
5 on or before such effective date.
