Bill > A07111

This bill establishes the "New York Student Loan Assistance and Home Purchase Act" to facilitate the purchase of homes by individuals burdened with student debt. The key provisions of the bill are: 1. It creates a "Student Loan Assistance and Home Purchase Program" to be administered by the public authorities agency, which will allow individuals to consolidate their student loans into a mortgage or existing mortgage. 2. The program will have an application process for prospective homeowners who are New York residents with student debt, without considering factors like foreclosure status or whether the home will be their first. 3. Individuals accepted into the program must maintain the purchased home as their primary residence for at least five years, with penalties and fees imposed for violations. 4. The Commissioner of Housing and Community Renewal is required to establish eligibility requirements, interest rates, and other rules and regulations necessary for the implementation of the program.