Bill > A05697

This bill establishes the New York State Diplomas to Homeownership Assistance Program, which provides financial awards to eligible recent college graduates to help them purchase their first home and pay off student loans. To qualify, applicants must be New York state high school and college graduates with outstanding student loan debt who have not previously owned a home and are not delinquent on their loans. The program offers awards up to $15,000, calculated as 10% of the property's purchase price, which can only be used to repay federal student loans. The award will be distributed through the State of New York Mortgage Agency, and recipients must live in the purchased property for at least five continuous years or face a sliding scale of repayment, ranging from 100% repayment if they move within 12 months to 20% repayment if they move between 48-60 months after receiving the award. The bill also includes provisions for potential hardship waivers and appropriates $5 million to fund the program. The goal is to support recent graduates in homeownership and help them manage student loan debt by providing a financial incentive for purchasing property in New York state.

Education

https://www.nysenate.gov/legislation/bills/2025/A5697