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Assembly Bill A379

2023-2024 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2023-A379 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Real Property Tax Law
Laws Affected:
Add §457-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:
A9925

2023-A379 (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.

2023-A379 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    379
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2023
                                ___________
 
 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 and completed
 on or before such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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