Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Aug 29, 2014 |
referred to rules |
Senate Bill S7936
2013-2014 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- Introduced
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- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S7936 (ACTIVE) - Details
2013-S7936 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7936 TITLE OF BILL: 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 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 graduates of post secondary education for a period of seven years after graduation. Qualifying individuals will be eligible for a thirty-year mortgage at a rate of 1.5% lower than the standard interest rate offered for a period of 10 years. SUMMARY OF SPECIFIC PROVISIONS: Section one adds section 457-a which expands eligibility for low interest rate program of the State of New York Mortgage Agency (SONYMA) to graduates of post secondary education for a period of seven years after graduation to participate in Low Interest Rate Program (LIRP) with SONYMA; a thirty-year mortgage at 1.5% lower than the standard interest rate offered for a period of 10 years and, directs the Commissioner of SONYMA to promulgate rules and regulations necessary for the administration of the program.
2013-S7936 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7936 I N S E N A T E August 29, 2014 ___________ Introduced by Sen. KENNEDY -- 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 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: Section 1. The real property tax law is amended by adding a new section 457-a to read as follows: S 457-A. ELIGIBILITY FOR THE LOW INTEREST RATE PROGRAM. INDIVIDUALS WHO HAVE GRADUATED FROM A PROGRAM IN POST SECONDARY EDUCATION SHALL, FOR A PERIOD OF SEVEN YEARS AFTER SUCH GRADUATION, BE ELIGIBLE TO PARTIC- IPATE IN THE LOW INTEREST RATE PROGRAM OF THE STATE OF NEW YORK MORTGAGE AGENCY. FOR SUCH INDIVIDUALS, THE INTEREST RATE FOR THIRTY-YEAR MORT- GAGES SHALL BE 1.5 PERCENT LOWER THAN THE STANDARD INTEREST RATE OFFERED TO ALL OTHER PARTICIPANTS IN THE LOW INTEREST RATE PROGRAM FOR A PERIOD OF TEN YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION, AFTER WHICH THE INTEREST RATE FOR SUCH INDIVIDUALS SHALL BE THE SAME AS THE STANDARD RATE. THE COMMISSIONER OF THE STATE OF NEW YORK MORTGAGE AGENCY MAY PROMUL- GATE SUCH RULES AND REGULATIONS AS MAY BE NECESSARY FOR THE ADMINIS- TRATION OF THIS SECTION. S 2. This act shall take effect on the thirtieth day after it shall have become a law; provided, however, that 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 and completed on or before such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15700-01-4
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