Bill > A02664

This bill expands mortgage loan access for veterans under the New York State Mortgage Agency's Homes for Veterans Program by creating new provisions that broaden eligibility and reduce barriers for cooperative housing properties. Specifically, the bill defines veterans to include active duty military members, National Guard, and reserve component service members, as well as their unmarried surviving spouses. The bill mandates that mortgage loan contracts cannot require veterans to contribute more than 1% of the property's value as a cash contribution, and prohibits rejecting veteran mortgage applications for cooperative housing based on factors like the number of units, occupancy rates, location, percentage of units sold, or the cooperative's status as a limited equity project. The legislation aims to make homeownership more accessible for veterans by removing traditional lending obstacles that might prevent them from purchasing cooperative housing units. The bill will take effect 30 days after becoming law, with provisions allowing immediate preparation of any necessary implementation rules and regulations.