Bill > A02338

This bill establishes a new veteran's home and land ownership loan program through the New York State Housing Finance Agency to provide financial assistance to veterans for purchasing homes or unimproved land. Specifically, the program allows eligible veterans (defined as honorably discharged service members who served during specific war periods or received certain expeditionary medals) to receive loans up to 20% of a home's value or $40,000 for unimproved land intended for home construction. The loans will be secured by a second mortgage and must be used for properties where the veteran will reside. The program aims to support veterans by helping them achieve home ownership, rehabilitate housing, stabilize communities, and improve local tax bases. The agency is authorized to issue up to $20 million in bonds to fund the program and will develop regulations specifying loan qualifications, repayment terms, and funding priorities. Loans will have interest rates and terms determined by the agency, with a maximum loan term not exceeding 30 years or the term of the first mortgage. If a veteran is unable to repay the loan, the agency may adjust the loan's terms to facilitate repayment. The program will be administered by the New York State Housing Finance Agency and will take effect 180 days after becoming law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A2338