Senate Bill S7936

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S7936 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Add ยง457-a, RPT L
Versions Introduced in Other Legislative Sessions:
2015-2016: S665
2017-2018: S652
2019-2020: S2701
2021-2022: S6232
2023-2024: S935

2013-S7936 (ACTIVE) - Summary

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.

2013-S7936 (ACTIVE) - Sponsor Memo

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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