Bill > A08493

This bill expands eligibility for a low-interest mortgage program offered by the State of New York Mortgage Agency to graduates of post-secondary education or comparable apprenticeship and workforce training programs. Specifically, these recent graduates can participate in the program for seven years after graduation, with the ability to purchase owner-occupied residential properties located in municipalities with fewer than one million residents, specifically in areas designated as economically depressed or experiencing population loss. The bill provides these eligible individuals with a mortgage interest rate that is 1.5 percent lower than the standard rate for the first ten years, after which they will receive the standard rate. The interest rate cannot be less than zero percent without specific authorization from the agency's commissioner. The bill aims to provide financial support to recent graduates by making homeownership more affordable in targeted geographic areas, with the commissioner of the State of New York Mortgage Agency responsible for creating the necessary rules and regulations to implement this program. The act will take effect 90 days after becoming law.

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https://www.nysenate.gov/legislation/bills/2025/A8493