NY State Senate Bill S935

Current Bill Status - Passed Senate

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed/Vetoed by Governor

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Actions

view actions (6)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 18, 2023	referred to banks delivered to assembly passed senate
Jan 17, 2023	ordered to third reading cal.78 reported and committed to rules
Jan 09, 2023	referred to local government

Votes

view votes

Jan 18, 2023 - floor Vote

S935

floor

Aye

Nay

Absent

Excused

Abstained

Jan 17, 2023 - Local Government committee Vote

S935

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

show Local Government committee vote details

Local Government Committee Vote: Jan 17, 2023

aye (6)

aye wr (1)

Thomas

Jan 17, 2023 - Rules committee Vote

S935

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

Co-Sponsors

S935 (ACTIVE) - Details

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
2021-2022: S6232

S935 (ACTIVE) - Summary

Expands 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.

S935 (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S935

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.

SUMMARY OF SPECIFIC PROVISIONS:

Section one adds section 457-a which expands eligibility for low inter-
est rate program of the State of New York Mortgage Agency (SONYMA) to
graduates of postsecondary education for a period of seven years after
graduation to participate in Low interest Rate Program (LIRP) with
SONY-MA; a thirty-year mortgage at 1.5 lower than the standard interest
rate offered for a period of 10 years and, directs the Commissioner of
SONYMA to promulgate rules and regulations necessary for the adminis-
tration of the program.

Section two sets the effective date.

 
JUSTIFICATION:

The purpose of this legislation is to encourage homeownership in regions
in New York that are economically distressed neighborhoods by providing
support to young professionals with student loan debt as well as young
people who have taken advantage of all, of New York's investment in
work- force development and apprenticeship programs, to help them
purchase homes and grow their roots in Western New York.

Support to first-time homebuyers is a sound investment and a critical
component of our overall effort to strengthen area neighborhoods.  This
legislation will help address several issues facing Western New York and
other post-industrial cities in New York State, including the exodus of
college graduates from the City of Buffalo, blight created by vacant
housing within the City, and the low rate of home ownership in
distressed neighborhoods. It aims to entice recent college graduates,
who are often balancing rent and student loans, to make a long-term
investment in Buffalo's and other area of New York's future by buying
homes in disadvantaged areas of Western New York.

While Buffalo is in the midst of an economic resurgence, it still faces
a housing crisis. As of the 2010 Census, Buffalo had a vacancy rate of
over 15 percent, with the 2012 American Community Survey reporting over
23,000 vacant units throughout the city. At the same time, local fami-
lies continue to watch their children and grandchildren leave the area
after graduating from college. As growth continues through the region
and new jobs are created, this bill will encourage more of these new
workers to buy homes in the city.

 
PRIOR LEGISLATIVE HISTORY:

2021-22: S.6232 Passed Senate

2019-20: S.2701 Passed Senate

 
FISCAL IMPLICATIONS:

Undetermined.

 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become 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 is authorized and directed to be made on or before
such effective date.

S935 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    935
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 Introduced  by  Sens.  KENNEDY, BORRELLO, HELMING, HINCHEY -- 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; PROVIDED HOWEVER, THAT IN NO CASE  SHALL  THE
 INTEREST  RATE  FOR  SUCH ELIGIBLE INDIVIDUALS BE LESS THAN ZERO PERCENT
 PER ANNUM UNLESS SO AUTHORIZED BY RULES AND REGULATIONS  PROMULGATED  BY
 THE COMMISSIONER OF THE STATE OF NEW YORK MORTGAGE AGENCY.
   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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02308-02-3

 S. 935                              2
 
   § 2. This act shall take effect on the ninetieth 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.

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The New York State Senate

senate Bill S935

Sponsored By

Current Bill Status - Passed Senate

Your Voice

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Votes

Jan 18, 2023 - floor Vote

Floor Vote: Jan 18, 2023

Jan 17, 2023 - Local Government committee Vote

Local Government Committee Vote: Jan 17, 2023

Jan 17, 2023 - Rules committee Vote

Rules Committee Vote: Jan 17, 2023

Co-Sponsors

S935 (ACTIVE) - Details

S935 (ACTIVE) - Summary

S935 (ACTIVE) - Sponsor Memo

S935 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S935

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Sponsored By

Timothy M. Kennedy

Current Bill Status - Passed Senate

Your Voice

Actions

Votes

Jan 18, 2023 - floor Vote

Floor Vote: Jan 18, 2023

Jan 17, 2023 - Local Government committee Vote

Local Government Committee Vote: Jan 17, 2023

Jan 17, 2023 - Rules committee Vote

Rules Committee Vote: Jan 17, 2023

Co-Sponsors

George M. Borrello

Pamela Helming

Michelle Hinchey

Monica R. Martinez

S935 (ACTIVE) - Details

S935 (ACTIVE) - Summary

S935 (ACTIVE) - Sponsor Memo

S935 (ACTIVE) - Bill Text download pdf

Comments