NY State Senate Bill 2025-S9120

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions 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

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 04, 2026	referred to corporations, authorities and commissions

2025-S9120 (ACTIVE) - Details

Current Committee:: Senate Corporations, Authorities And Commissions
Law Section:: Public Authorities Law
Laws Affected:: Add §2405-g, Pub Auth L

2025-S9120 (ACTIVE) - Summary

Establishes the senior homeowner foreclosure and rehabilitation revolving loan program to permit the New York state mortgage agency to make low-interest loans, deferred payment loans, or forgivable loans, or a combination thereof, to eligible senior homeowners for eligible assistance; directs SONYMA to prioritize senior homeowners at imminent risk of foreclosure; properties with essential systems in need of immediate repair or replacement, including heating and boilers; and senior homeowners with documented financial hardship that limits their ability to maintain the property or make mortgage payments.

2025-S9120 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9120

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the public authorities law, in relation to establishing
the senior homeowner foreclosure and rehabilitation revolving loan
program administered by the state of New York mortgage agency (SONYMA)

 
PURPOSE OF GENERAL IDEA OF BILL:

To create a dedicated, flexible financial assistance program within the
New York State Housing Finance Agency (HFA) to help senior homeowners,
age 62 or more, avoid foreclosure, address critical home repair needs,
and preserve homeownership

 
SUMMARY OF PROVISIONS:

Section 1 creates a new 2405-g of public authorities law establishing
the Senior Homeowner Foreclosure and Rehabilitation Revolving Loan
Program within the Housing Finance Agency; authorizes the agency to
provide low interest, deferred, forgivable, or combination loans to

eligible senior homeowners. Loan terms may include below-market interest
rates, extended amortization, interest only or deferred payment periods,
and technical assistance. Loans are to be secured unless structured as
forgivable, and administrative, outreach, and marketing costs are capped
at 1% of the annual appropriation.

Eligibility Criteria (§ 2405-g(4)): To receive assistance, a senior
homeowner must: Demonstrate financial need and inability to maintain
mortgage payments or essential home systems without help; certify the
property is their primary residence, and agree to comply with applicable
housing, building, and fire codes. As conditions of assistance, no
senior may be displaced due to rehabilitation, and the agency may
require affordability covenants tied to the amount of assistance.

Prioritization (§ 2405-g(5)): Directs SONYMA to prioritize senior home-
owners at imminent risk of foreclosure; with properties needing immedi-
ate repair or replacement of essential systems (i.e., heating, boiler);
and with documented financial hardship limiting their ability to main-
tain the home or make mortgage payments.

Reporting and Oversight (§ 2405-g(6)): requires the agency to submit an
annual report to the Governor, Temporary President of the Senate, and
Speaker of the Assembly detailing program activity. The program is
subject to audit by the State Comptroller.

Severability (§ 2405-g(7)): ensures that if any provision of the section
is held invalid, the remainder remains in effect.

Section 2 is an immediate effective date with authorization for rules or
regulations necessary for implementation to be adopted on or before the
effective date.

 
JUSTIFICATION:

By preventing foreclosure and helping seniors maintain their homes, the
program promotes housing security, preserves neighborhood stability, and

protects the health and safety of some of New York's most vulnerable
residents.

Senior homeowners in New York State face a growing and acute housing
insecurity crisis that threatens their ability to remain in their homes
as they age. Nearly 64% of New Yorkers age 60 and over own their homes,
many on fixed incomes with limited ability to absorb rising costs for
taxes, insurance, and essential repairs like heating, plumbing, and
electrical systems - expenditures that often exceed 30% of income, the
threshold for cost-burdened households.

Statewide data shows that 37% of households age 62-74 and 43% of those
over 75 face housing insecurity, substantially above national averages,
signaling intensified financial strain for older owners. In New York
City alone, there are more than 1.36 million residents aged 65 and
older, a population that has grown over 30% in the last decade and
includes a large share of homeowners with little to no retirement
income. Meanwhile, senior poverty has surged statewide numbers over age
65 living below the poverty line have risen by nearly 50% in recent
years, demonstrating the widening gap between living costs and fixed
retirement resources for older adults.

Traditional financing remains out of reach for many of these households,
leaving them unable to secure affordable loans for critical repairs or
mortgage support. Without intervention, these pressures contribute to
foreclosure risk, displacement, deteriorating housing conditions, and
negative health and community outcomes. We all live on the back of the
efforts of our older adult population and it's essential we provide the
needed tools to allow folks to retain investments they have built over
their lifetimes.

 
FISCAL IMPLICATIONS:

TBD.

 
EFFECTIVE DATE:
This act shall take effect immediately, with authority granted to adopt
implementing regulations on or before the effective date.

2025-S9120 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9120
 
                             I N  S E N A T E
 
                             February 4, 2026
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the public authorities law, in relation to establishing
   the senior homeowner foreclosure  and  rehabilitation  revolving  loan
   program administered by the state of New York mortgage agency (SONYMA)

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The public authorities law  is  amended  by  adding  a  new
 section 2405-g to read as follows:
   §  2405-G.  SENIOR  HOMEOWNER FORECLOSURE AND REHABILITATION REVOLVING
 LOAN PROGRAM. (1) FOR PURPOSES OF THIS SECTION:
   (A) "SENIOR HOMEOWNER" MEANS A NATURAL PERSON WHO IS  SIXTY-TWO  YEARS
 OF  AGE  OR OLDER AND OWNS A SINGLE-FAMILY RESIDENCE WITHIN THE STATE OF
 NEW YORK.
   (B) "ELIGIBLE PROPERTY" MEANS  A  SINGLE-FAMILY  RESIDENCE  OWNED  AND
 OCCUPIED  BY A SENIOR HOMEOWNER, INCLUDING ATTACHED ACCESSORY STRUCTURES
 AND SYSTEMS ESSENTIAL FOR HABITABILITY.
   (C) "ELIGIBLE ASSISTANCE" MEANS FINANCIAL SUPPORT PROVIDED FOR ONE  OR
 MORE  OF  THE FOLLOWING PURPOSES: MORTGAGE PAYMENT ASSISTANCE TO PREVENT
 FORECLOSURE, REPAIR OR REPLACEMENT OF ESSENTIAL HOME  SYSTEMS  INCLUDING
 BOILERS, HEATING, PLUMBING, ELECTRICAL, AND OTHER CAPITAL REPAIRS NECES-
 SARY  TO  MAINTAIN  HABITABILITY,  AND  REMEDIATION OF HEALTH AND SAFETY
 HAZARDS.
   (D) "PROGRAM" MEANS THE SENIOR  HOMEOWNER  FORECLOSURE  AND  REHABILI-
 TATION REVOLVING LOAN PROGRAM ESTABLISHED UNDER THIS SECTION.
   (2)  (A) THERE IS HEREBY ESTABLISHED WITHIN THE AGENCY A PROGRAM TO BE
 KNOWN AS THE SENIOR HOMEOWNER FORECLOSURE AND  REHABILITATION  REVOLVING
 LOAN PROGRAM.
   (B)  THE  PROGRAM SHALL CONSIST OF MONEYS APPROPRIATED BY THE LEGISLA-
 TURE, REPAYMENTS OF PRINCIPAL  AND  INTEREST  ON  LOANS  MADE  FROM  THE
 PROGRAM,  INTEREST EARNINGS, FEDERAL, PRIVATE, OR PHILANTHROPIC CONTRIB-
 UTIONS, AND ANY OTHER MONEYS MADE AVAILABLE FOR ITS PURPOSES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14757-01-6

 S. 9120                             2
 
   (C) MONEYS IN THE PROGRAM SHALL BE CONTINUOUSLY  AVAILABLE  AND  SHALL
 NOT LAPSE.
   (3)  (A) THE AGENCY IS AUTHORIZED TO MAKE LOW-INTEREST LOANS, DEFERRED
 PAYMENT LOANS, OR FORGIVABLE LOANS, OR A COMBINATION THEREOF, TO  ELIGI-
 BLE SENIOR HOMEOWNERS FOR ELIGIBLE ASSISTANCE.
   (B) LOAN TERMS MAY INCLUDE BELOW-MARKET INTEREST RATES, EXTENDED AMOR-
 TIZATION PERIODS, INTEREST-ONLY OR DEFERRED PAYMENT PERIODS, AND TECHNI-
 CAL ASSISTANCE AS DETERMINED BY THE AGENCY.
   (C)  LOANS  SHALL BE SECURED BY A MORTGAGE, NOTE, OR OTHER APPROPRIATE
 SECURITY INTEREST, EXCEPT WHERE FORGIVABLE LOAN STRUCTURES  ARE  AUTHOR-
 IZED BY PROGRAM GUIDELINES.
   (D)  ADMINISTRATIVE,  OUTREACH,  AND MARKETING EXPENDITURES, INCLUDING
 PROGRAM MATERIALS, COMMUNITY-BASED  OUTREACH,  AND  APPLICANT  TECHNICAL
 ASSISTANCE,  SHALL  NOT EXCEED ONE PERCENT OF THE TOTAL ANNUAL APPROPRI-
 ATION FOR THE PROGRAM AND SHALL NOT INCLUDE GENERAL AGENCY  OVERHEAD  OR
 UNRELATED PERSONNEL COSTS.
   (4) (A) TO BE ELIGIBLE FOR ASSISTANCE, A SENIOR HOMEOWNER SHALL:
   (I)  DEMONSTRATE  FINANCIAL  NEED  AND  AN  INABILITY TO MAKE MORTGAGE
 PAYMENTS OR MAINTAIN ESSENTIAL HOME SYSTEMS WITHOUT ASSISTANCE;
   (II) CERTIFY THAT THE ELIGIBLE PROPERTY IS OCCUPIED AS  THEIR  PRIMARY
 RESIDENCE; AND
   (III)  AGREE TO COMPLY WITH ALL APPLICABLE HOUSING MAINTENANCE, BUILD-
 ING, AND FIRE CODES.
   (B) AS A CONDITION OF RECEIVING ASSISTANCE:
   (I) NO SENIOR SHALL BE DISPLACED AS A RESULT OF REHABILITATION  ACTIV-
 ITIES; AND
   (II)  THE  AGENCY  MAY  REQUIRE  AFFORDABILITY COVENANTS FOR A DEFINED
 PERIOD COMMENSURATE WITH THE AMOUNT AND TERMS OF ASSISTANCE.
   (5) IN AWARDING ASSISTANCE, THE AGENCY SHALL PRIORITIZE:
   (A) SENIOR HOMEOWNERS AT IMMINENT RISK OF FORECLOSURE;
   (B) PROPERTIES WITH ESSENTIAL SYSTEMS IN NEED OF IMMEDIATE  REPAIR  OR
 REPLACEMENT, INCLUDING HEATING AND BOILERS; AND
   (C)  SENIOR  HOMEOWNERS WITH DOCUMENTED FINANCIAL HARDSHIP THAT LIMITS
 THEIR ABILITY TO MAINTAIN THE PROPERTY OR MAKE MORTGAGE PAYMENTS.
   (6) (A) THE AGENCY SHALL SUBMIT AN ANNUAL REPORT TO THE GOVERNOR,  THE
 TEMPORARY  PRESIDENT  OF  THE  SENATE,  AND  THE SPEAKER OF THE ASSEMBLY
 DETAILING PROGRAM ACTIVITY, INCLUDING NUMBER OF  LOANS  MADE,  TYPES  OF
 ASSISTANCE PROVIDED, REPAYMENT PERFORMANCE, AND FUND BALANCE.
   (B)  THE  PROGRAM  AND ITS ADMINISTRATION SHALL BE SUBJECT TO AUDIT BY
 THE STATE COMPTROLLER.
   (7) SEVERABILITY. IF ANY PROVISION OF THIS SECTION OR ITS  APPLICATION
 SHALL  BE ADJUDGED INVALID, SUCH JUDGMENT SHALL NOT AFFECT OR IMPAIR THE
 VALIDITY OF THE REMAINDER OF THE SECTION.
   § 2. This act shall take effect  immediately.  Effective  immediately,
 the  addition,  amendment and/or repeal of any rule or regulation neces-
 sary 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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Senate Bill S9120

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

Actions

2025-S9120 (ACTIVE) - Details

2025-S9120 (ACTIVE) - Summary

2025-S9120 (ACTIVE) - Sponsor Memo

2025-S9120 (ACTIVE) - Bill Text download pdf

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Sponsored By

Leroy Comrie

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

Actions

2025-S9120 (ACTIVE) - Details

2025-S9120 (ACTIVE) - Summary

2025-S9120 (ACTIVE) - Sponsor Memo

2025-S9120 (ACTIVE) - Bill Text download pdf

Comments