Bill > S08521

This bill establishes the "New York Student Loan Assistance and Home Purchase Act" to facilitate the purchase of homes by individuals burdened by student debt. The key provisions are: 1. The bill creates a "Student Loan Assistance and Home Purchase Program" administered by the New York State Public Authorities Law agency. The program will consolidate all or a portion of an individual's student loans into their mortgage, with no limit on the amount of student loan debt that can be incorporated, subject to state and federal laws. 2. Eligible applicants are New York residents with student debt who apply to the program. The program will not consider factors like foreclosure status, home cleanliness, or whether the home is the applicant's first. 3. Individuals accepted into the program must maintain the purchased home as their primary residence for at least 5 years, with penalties and fees for violations. 4. The Commissioner of Housing and Community Renewal will establish program eligibility requirements, as well as interest rates, penalties, charges, and fees necessary for the program's implementation. The bill aims to provide financing opportunities for individuals with student debt to purchase homes in New York.