Bill Text: NY S00665 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to expanding eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO LOCAL GOVERNMENT [S00665 Detail]

Download: New_York-2015-S00665-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          665
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to amend the real property tax  law,  in  relation  to  expanding
         eligibility for the low interest rate program of the state of New York
         mortgage  agency  to  certain  graduates  of  post secondary education
         programs
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  real  property  tax  law  is amended by adding a new
    2  section 457-a to read as follows:
    3    S 457-A. ELIGIBILITY FOR THE LOW INTEREST RATE PROGRAM.    INDIVIDUALS
    4  WHO HAVE GRADUATED FROM A PROGRAM IN POST SECONDARY EDUCATION SHALL, FOR
    5  A  PERIOD  OF  SEVEN YEARS AFTER SUCH GRADUATION, BE ELIGIBLE TO PARTIC-
    6  IPATE IN THE LOW INTEREST RATE PROGRAM OF THE STATE OF NEW YORK MORTGAGE
    7  AGENCY. FOR SUCH INDIVIDUALS, THE INTEREST RATE  FOR  THIRTY-YEAR  MORT-
    8  GAGES SHALL BE 1.5 PERCENT LOWER THAN THE STANDARD INTEREST RATE OFFERED
    9  TO  ALL OTHER PARTICIPANTS IN THE LOW INTEREST RATE PROGRAM FOR A PERIOD
   10  OF TEN YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION, AFTER  WHICH  THE
   11  INTEREST  RATE  FOR  SUCH  INDIVIDUALS SHALL BE THE SAME AS THE STANDARD
   12  RATE.
   13    THE COMMISSIONER OF THE STATE OF NEW YORK MORTGAGE AGENCY MAY  PROMUL-
   14  GATE  SUCH  RULES  AND  REGULATIONS AS MAY BE NECESSARY FOR THE ADMINIS-
   15  TRATION OF THIS SECTION.
   16    S 2. This act shall take effect on the thirtieth day  after  it  shall
   17  have become a law. Effective immediately, the addition, amendment and/or
   18  repeal  of  any  rule  or regulation necessary for the implementation of
   19  this act on its effective date is authorized to be  made  on  or  before
   20  such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03252-01-5