Bill > A07842

This bill expands access to mortgage loans for cooperative properties under the Homes for Veterans program, as administered by the New York State Mortgage Agency. The key provisions include: (1) defining "person" to include veterans and their surviving spouses, and expanding the definition of "veteran" to include members of the National Guard and reserves; (2) requiring no more than a 1% borrower cash contribution for eligible persons under the Homes for Veterans program; and (3) prohibiting the rejection of loan applications for cooperative housing based on factors such as unit count, occupancy rates, location, percentage of units sold, or limited equity cooperative status.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2023/A7842