What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to veterans, homeland security and military affairs
- Referred to veterans, homeland security and military affairs
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Creates a veteran's home and land ownership loan program
In Assembly Committee · Housing · Sponsor Stephen Hawley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to creating a veteran's home and land ownership loan program
Purpose or general idea of bill
To authorize the New York State Housing Finance Agency to provide down payment assistance or rehabilitation loans to veterans, as well as loans for the purchase of unimproved property for building a home.
Summary of specific provisions
This bill adds a new Article XIX-A to the Private Housing Finance Law to create a Home and Land Ownership Loan Fund within the New York State Housing Finance Agency. The agency would be authorized to enter into contracts with eligible veterans to provide loans to assist in the purchase or the purchase and rehabilitation of a dwelling of up to four residential units, provided such persons or family resides in one of the units. The bill defines "eligible person" as a veteran to their surviving unmarried spouse, and contains a definition of a veteran for the purpose of the Article. Any such loans could not exceed 20 percent of the cost of acquiring the dwelling or 20 percent of the value of such dwelling after rehabilitation, or $40,000 in the case of the unimproved Real Property. The value of the dwelling unit would be determined from the appraisal required by the lending institution granting the first mortgage loan such dwelling. If no such appraisal has been made at the time a loan application is submitted, the agency shall cause appraisal to be made. Any loan would have to be secured by a second mortgage on the dwelling. If the recipient of such loan assigns or conveys his interest in the dwelling or ceases to occupy the dwelling, the unpaid principal balance of the mortgage, together with interest thereon, would become due and payable. If the recipient is unable to repay the loan, the agency would have the authority to adjust the interest rate, terms, and conditions of the loan to facilitate repayment. The repayment of any loan made pursuant to this would be subject to an interest rate to be determined in accordance with terms and conditions as the agency may establish. In no case could the term of the first mortgage obtained for the purpose of purchasing the dwelling, except in the case of a graduated payment mortgage loan where no such loan could exceed a term of 30 years. The bill also authorizes the agency to issue bonds and notes to carry out the provisions of that act, however, they could not be issued in excess of an aggregate amount of $20 million. The maximum maturity of the bonds could not exceed 30 years, while the maximum maturity of the notes or any renewals thereof could not exceed seven years from the date of the original issue. The bonds and notes could be sold at public or private sale, except that with regard to the latter, such sale would have to be approved by the Comptroller or the State Director of th e Budget, depending on whom the sale is made.
Read the full memo (735 words)
Effects of the present law which this bill would alter
The bill adds a new XIX-A to the Private Housing Finance Law.
Justification
On account of escalating housing prices, veterans, and their families are encountering difficulties in obtaining the necessary funds to purchase a home, even though they are for a mortgage. This situation occurs because they cannot accumulate enough cash to pay for the difference between the purchase price of the home and the amount of the mortgage funding. In addition, many veterans are precluded from entering the housing market because they cannot gain access to enough cash to afford the down payment on a home. This bill would provide such veterans with the necessary funds to finance the down payment, finance the added cash needed to purchase a home, provide needed rehabilitation funds for repairing distressed (and generally inexpensive) housing stock, or purchasing land upon which to build a new home. Each of these approaches will significantly improve a veterans' transition to civilian life, and would provide a benefit both to communities across the state, and provide a real and tangible measure of appreciation for the veterans to whom we all owe so much.
Prior legislative history
New Bill.
Fiscal implications
Minimal to the state.
Effective date
Ninety days after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.