Relates to expanding eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs.
STATE OF NEW YORK
________________________________________________________________________
7936
IN SENATE
August 29, 2014
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
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 to certain graduates of post secondary education
programs
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 shall, for
5 a period of seven years after such graduation, be eligible to partic-
6 ipate in the low interest rate program of the state of New York mortgage
7 agency. For such individuals, the interest rate for thirty-year mort-
8 gages shall be 1.5 percent lower than the standard interest rate offered
9 to all other participants in the low interest rate program for a period
10 of ten years after the effective date of this section, after which the
11 interest rate for such individuals shall be the same as the standard
12 rate.
13 The commissioner of the state of New York mortgage agency may promul-
14 gate such rules and regulations as may be necessary for the adminis-
15 tration of this section.
16 § 2. This act shall take effect on the thirtieth day after it shall
17 have become a law; provided, however, that effective immediately, the
18 addition, amendment and/or repeal of any rule or regulation necessary
19 for the implementation of this act on its effective date is authorized
20 and directed to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15700-01-4
