Bill > S02375

This bill creates a new veteran's home and land ownership loan program administered by the New York State Housing Finance Agency to provide financial assistance to veterans for purchasing homes or unimproved land suitable for building. The program allows honorably discharged veterans or their unmarried surviving spouses to receive loans up to 20% of a home's value (or $40,000 for unimproved land), which will be secured by a second mortgage. To qualify, veterans must have served during specific wartime periods or received certain expeditionary medals, with service defined to include conflicts from World War I through the Persian Gulf conflict. The agency can issue up to $20 million in bonds to fund the program and will establish regulations determining loan eligibility, repayment terms, and funding priorities. Key objectives include demonstrating appreciation for veterans' service, encouraging home ownership, rehabilitating housing, stabilizing communities, and improving local tax bases. Loan terms will be flexible, with the agency potentially adjusting interest rates and conditions if a veteran struggles with repayment, and loan terms cannot exceed 30 years or the primary mortgage's term. The program will be funded through a dedicated "veteran's home and land ownership loan fund" and will require agency-established regulations to govern its implementation.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S2375