Bill > S05335

This bill establishes the "Home Mortgage Bridge Loan Assistance Act" to provide temporary financial support to homeowners facing potential foreclosure due to temporary financial hardships. The program allows eligible homeowners to receive up to $60,000 in bridge loan assistance over a maximum of 36 months to help them maintain their mortgage payments during periods of involuntary income loss or reduction. To qualify, homeowners must be New York state residents with a primary residence in the state, experiencing a financial hardship beyond their control (such as job loss or salary reduction), and have a reasonable likelihood of resuming full mortgage payments within 24-36 months. The bill requires mortgages to go through a specific notice and counseling process before foreclosure proceedings can begin, giving homeowners an opportunity to seek assistance. The program is designed to prevent unnecessary foreclosures, stabilize neighborhoods, and help homeowners weather temporary economic challenges. A special fund will be established to support the program, which can receive funding from various sources including state appropriations and financial institution contributions. The bill aims to provide a compassionate and pragmatic approach to preventing home loss during economic downturns.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S5335