What's happening
This bill allows active volunteer firefighters and ambulance workers with at least 12 months of service to access the state's low interest mortgage program regardless of income limits.
Why it matters
Expanding access to affordable homeownership. By removing income limits for active volunteer firefighters and ambulance workers, the bill enables a broader range of these critical volunteers—including those with moderate or higher incomes—to access below-market mortgage rates, making it easier for them to buy homes.
Supporting recruitment and retention. The incentive of discounted mortgages can help volunteer fire and EMS agencies recruit and retain members, addressing shortages and ensuring communities are protected by well-staffed emergency services.
Focusing on community stability. The requirement that the mortgage must be for an owner-occupied home encourages volunteers to live in the communities they serve, fostering local engagement and stability.
Streamlining program administration. The bill directs the housing commissioner to create regulations for this new eligibility, aiming to ensure the process is clear, accessible, and adapted to the unique needs of volunteer first responders.
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Who cares
Headline styles
Home Loans for Volunteers
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to local government
- Referred to rules
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6838
2019-2020 Regular Sessions
IN SENATE
November 8, 2019
Introduced by Sen. KAMINSKY -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend the real property tax law, in relation to the eligibility of active volunteer firefighters and volunteer ambulance workers for the state of New York mortgage agency low interest rate program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The real property tax law is amended by adding a new section 457-a to read as follows:
§ 457-a. Eligibility for the low interest rate program. Individuals who are either an active volunteer firefighter as defined in subdivision one of section two hundred fifteen of the general municipal law or a volunteer ambulance worker as defined in subdivision fourteen of section two hundred nineteen-k of the general municipal law, and who have served as such for at least twelve consecutive months, shall be eligible to participate in the state of New York mortgage agency low interest rate program regardless of income limits defined by the state of New York mortgage agency low interest rate program. Such eligibility shall be limited to the purchase of residential property which shall be owner-occupied. For eligible individuals, the interest rate for thirty year mortgages shall be the standard interest rate offered to all other participants in such low interest rate program.
The commissioner of the division of housing and community renewal shall promulgate such rules and regulations as may be necessary for the administration of this section.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13775-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to the eligibil- ity of active volunteer firefighters and volunteer ambulance workers for the state of New York mortgage agency low interest rate program
Purpose or general idea of bill
To expand eligibility for the Low Interest Rate Program (LIRP) of the State of New York Mortgage Agency (SONYMA) to volunteer fighters and volunteer ambulance workers.
Summary of specific provisions
Section one adds section 457-a which expands eligibility for low inter- est rate program of the State of New York Mortgage Agency (SONY MA) to volunteer firefighters and volunteer ambulance workers who have served for at least one year.
Section two is the effective date.
Justification
The purpose of this legislation is to assist with homeownership for our volunteer firefighters and EMTs who perform crucially and lifesaving services for their communities. There has also been a decline in new volunteer firefighters and EMTs, and hopefully, through the expansion of this program, recruitment efforts will improve. New York's homeownership rates also continue to decline. Our state has one of the lowest homeown- ership rates of only 51 percent, which is discouraging when compared to the national rate if 64.8 percent. There are too many hurdles to buying a home in New York and the state should act to address this issue.
This bill would address this problem by providing our volunteer fire- fighters and EMTs with the assistance they deserve to purchase a home. Under the legislation, qualified volunteer firefighters and ambulance workers who are eligible for a thirty-year mortgage will be able to receive a preferential interest rate of one-and-one-half (1.5%) percent below the standard interest rate. New York's volunteer firefighters and EMTs are true heroes. It is important the state acts to assist them in the daunting process of purchasing a home.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the thirtieth day after it shall have become law. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date is authorized and directed to be made on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.