A 8493: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 8493 2025-2026 Regular Sessions  IN ASSEMBLY 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: 1 Section 1. The real property tax law is amended by adding a new 2 section 457-a to read as follows: 3 § 457-a. Eligibility for the low interest rate program. Individuals 4 who have graduated from a program in post secondary education or compa- 5 rable apprenticeship and workforce training programs shall, for a period 6 of seven years after such graduation, be eligible to participate in the 7 low interest rate program of the state of New York mortgage agency. 8 Such eligibility shall be limited to the purchase of residential proper- 9 ty which shall be owner-occupied, located in a municipality with a popu- 10 lation of less than one million and in an area which is either econom- 11 ically depressed or facing population loss as determined by the division 12 of homes and community renewal. For eligible individuals, the interest 13 rate for thirty-year mortgages shall be 1.5 percent lower than the stan- 14 dard interest rate offered to all other participants in the low interest 15 rate program for a period of ten years after the effective date of this 16 section, after which the interest rate for such individuals shall be the 17 same as the standard rate; provided however, that in no case shall the 18 interest rate for such eligible individuals be less than zero percent 19 per annum unless so authorized by rules and regulations promulgated by 20 the commissioner of the state of New York mortgage agency. 21 The commissioner of the state of New York mortgage agency shall 22 promulgate such rules and regulations as may be necessary for the admin- 23 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 1 § 2. This act shall take effect on the ninetieth day after it shall 2 have become a law. Effective immediately, the addition, amendment and/or 3 repeal of any rule or regulation necessary for the implementation of 4 this act on its effective date are authorized to be made and completed 5 on or before such effective date.