|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to veterans, homeland security and military affairs|
|Apr 16, 2013||reported and committed to finance|
|Mar 19, 2013||referred to veterans, homeland security and military affairs|
senate Bill S4288
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4288 - Details
S4288 - Summary
Creates a veteran's home and land ownership loan program to provide loans to veterans to purchase homes or unimproved land suitable for building; requires such loans to be secured by a second mortgage.
S4288 - Sponsor Memo
BILL NUMBER:S4288 TITLE OF BILL: An act to amend the private housing finance law, in relation to creating a veteran's home and land ownership loan program PURPOSE OR GENERAL IDEA OF BILL: To authorize the New York State Housing Finance Agency to provide down payment assistance or rehabilitation loans to veterans, as well as loans for the purchase of unimproved property for building a home. SUMMARY OF SPECIFIC PROVISIONS: This bill adds a new Article XIX-A to the Private Housing Finance Law to create a Home and Land Ownership Loan Fund within the New York State Housing Finance Agency. The agency would be authorized to enter into contracts with eligible veterans to provide loans to assist in the purchase or the purchase and rehabilitation of a dwelling of up to four residential units, provided such persons or family resides in one of the units. The bill defines "eligible person" as a veteran to their surviving unmarried spouse, and contains a definition of a veteran for the purpose of the Article. Any such loans could not exceed 20 percent of the cost of acquiring the dwelling or 20 percent of the value of such dwelling after rehabilitation, or $40,000 in the case of the unimproved Real Property. The value of the dwelling unit would be determined from the appraisal required by the lending institution
S4288 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4288 2013-2014 Regular Sessions I N S E N A T E March 19, 2013 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Veterans, Homeland Security and Military Affairs AN ACT to amend the private housing finance law, in relation to creating a veteran's home and land ownership loan program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The private housing finance law is amended by adding a new article 19-A to read as follows: ARTICLE XIX-A VETERAN'S HOME AND LAND OWNERSHIP LOAN SECTION 1115. LEGISLATIVE PURPOSE. 1115-A. DEFINITIONS. 1115-B. CREATION OF THE "VETERAN'S HOME AND LAND OWNERSHIP LOAN FUND". 1115-C. PURPOSE AND TERMS OF LOAN. 1115-D. LOAN REPAYMENT. 1115-E. ISSUANCE OF BONDS. 1115-F. ADOPTION OF REGULATIONS. S 1115. LEGISLATIVE PURPOSE. IT IS HEREBY FOUND AND DECLARED THAT MANY NEW YORK RESIDENTS HAVE SERVED OUR NATION HONORABLY IN THE ARMED FORCES OF THE UNITED STATES, AND THAT MANY SUCH NEW YORKERS HAVE SACRIFICED CONSIDERABLY DURING THEIR SERVICE. IT IS IN THE PUBLIC INTEREST BOTH TO DEMONSTRATE OUR APPRECIATION FOR THAT SERVICE BY PROVIDING STATE FINAN- CIAL ASSISTANCE TO SUCH VETERANS; IN ORDER TO ENCOURAGE HOME OWNERSHIP AND THE REHABILITATION OF DETERIORATING HOUSING, STABILIZE COMMUNITIES AND IMPROVE THE LOCAL TAX BASE. S 1115-A. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: 1. "PERSON" MEANS AN HONORABLY DISCHARGED VETERAN OF THE ARMED FORCES OF THE UNITED STATES, OR THEIR SURVIVING UNMARRIED SPOUSE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00230-01-3
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