Assembly Bill A9925

2021-2022 Legislative Session

Expands eligibility for the low interest rate program of the state of New York mortgage agency

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A9925 (ACTIVE) - Details

See Senate Version of this Bill:
S6232
Current Committee:
Assembly Banks
Law Section:
Real Property Tax Law
Laws Affected:
Add §457-a, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7936
2015-2016: S665
2017-2018: S652
2019-2020: S2701
2023-2024: A379, S935

2021-A9925 (ACTIVE) - Summary

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 or comparable apprenticeship and workforce training programs for the purchase of certain property.

2021-A9925 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9925
 
                           I N  A S S E M B L Y
 
                              April 19, 2022
                                ___________
 
 Introduced  by  M. of A. CRUZ -- read once and referred to the Committee
   on Banks
 
 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:

   Section 1. The real property tax  law  is  amended  by  adding  a  new
 section 457-a to read as follows:
   §  457-A.  ELIGIBILITY FOR THE LOW INTEREST RATE PROGRAM.  INDIVIDUALS
 WHO HAVE GRADUATED FROM A PROGRAM IN POST SECONDARY EDUCATION OR  COMPA-
 RABLE APPRENTICESHIP AND WORKFORCE TRAINING PROGRAMS SHALL, FOR A PERIOD
 OF  SEVEN YEARS AFTER SUCH GRADUATION, BE ELIGIBLE TO PARTICIPATE IN THE
 LOW INTEREST RATE PROGRAM OF THE STATE  OF  NEW  YORK  MORTGAGE  AGENCY.
 SUCH ELIGIBILITY SHALL BE LIMITED TO THE PURCHASE OF RESIDENTIAL PROPER-
 TY WHICH SHALL BE OWNER-OCCUPIED, LOCATED IN A MUNICIPALITY WITH A POPU-
 LATION  OF  LESS THAN ONE MILLION AND IN AN AREA WHICH IS EITHER ECONOM-
 ICALLY DEPRESSED OR FACING POPULATION LOSS AS DETERMINED BY THE DIVISION
 OF HOMES AND COMMUNITY RENEWAL.  FOR ELIGIBLE INDIVIDUALS, THE  INTEREST
 RATE FOR THIRTY-YEAR MORTGAGES SHALL BE 1.5 PERCENT LOWER THAN THE STAN-
 DARD INTEREST RATE OFFERED TO ALL OTHER PARTICIPANTS IN THE LOW INTEREST
 RATE  PROGRAM FOR A PERIOD OF TEN YEARS AFTER THE EFFECTIVE DATE OF THIS
 SECTION, AFTER WHICH THE INTEREST RATE FOR SUCH INDIVIDUALS SHALL BE THE
 SAME AS THE STANDARD RATE.
   THE COMMISSIONER OF THE  STATE  OF  NEW  YORK  MORTGAGE  AGENCY  SHALL
 PROMULGATE SUCH RULES AND REGULATIONS AS MAY BE NECESSARY FOR THE ADMIN-
 ISTRATION OF THIS SECTION.
   §  2.  This  act shall take effect on the thirtieth day after it shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal of any rule or regulation necessary  for  the  implementation  of
 this  act  on  its effective date are authorized to be made on or before
 such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07043-01-1

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