Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to local government returned to senate died in assembly |
Jun 19, 2019 |
referred to banks |
Jun 18, 2019 |
delivered to assembly passed senate ordered to third reading cal.1597 committee discharged and committed to rules |
Jan 29, 2019 |
referred to local government |
Senate Bill S2701
2019-2020 Legislative Session
Sponsored By
(D, WF) 63rd Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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
Actions
Votes
2019-S2701 (ACTIVE) - Details
2019-S2701 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2701 SPONSOR: KENNEDY TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: To expand eligibility for the Low Interest Rate Program (LIRP) of the State of New York Mortgage Agency (SONYMA) to graduates of post second- ary education or a comparable apprenticeship or workforce training programs for a period of seven years after graduation. Qualifying indi- viduals will be eligible for a thirty-year mortgage at a rate of 1.5% lower than the standard interest rate offered for a period of 10 years for the acquisition of owner occupied residential properties in cities under 1 million that have been determined to be economically depressed or facing population loss as determined by the New York State Department of Homes and Community Renewal.
2019-S2701 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2701 2019-2020 Regular Sessions I N S E N A T E January 29, 2019 ___________ Introduced by Sen. KENNEDY -- 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: 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
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.