S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8493
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced  by M. of A. STECK -- 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; 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.
                                                            LBD07075-01-5
 A. 8493                             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.