Bill > S03190

This bill expands eligibility for a low-interest mortgage program offered by the New York State Mortgage Agency to recent graduates of post-secondary education and comparable apprenticeship or workforce training programs. Eligible individuals can participate in the program for seven years after graduation and are limited to purchasing owner-occupied residential properties in municipalities with less than one million residents, specifically in areas deemed economically depressed or experiencing population loss. For these qualified graduates, the mortgage interest rate will be 1.5 percentage points lower than the standard rate for the first ten years, though the rate cannot fall below zero percent without specific authorization from the mortgage agency commissioner. The reduced interest rate is intended to help recent graduates access homeownership in targeted communities by providing more affordable financing options. The bill will take effect 90 days after becoming law, and the mortgage agency is authorized to develop necessary rules and regulations for implementing the program.

Business and Industry, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S3190