Senate Bill S5431

2023-2024 Legislative Session

Creates a veteran's home and land ownership loan program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Housing, Construction And Community Development 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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2023-S5431 (ACTIVE) - Details

See Assembly Version of this Bill:
A4307
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 19-A §§1115 - 1115-f, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4081
2011-2012: A1303
2013-2014: A338
2015-2016: A3182
2017-2018: A1704
2019-2020: S5134, A1662
2021-2022: S6345, A6421

2023-S5431 (ACTIVE) - Summary

Creates a veteran's home and land ownership loan program to provide loans to veterans to purchase homes or unimproved land suitable for building; requires such loans to be secured by a second mortgage.

2023-S5431 (ACTIVE) - Sponsor Memo

2023-S5431 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5431
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 3, 2023
                                ___________
 
 Introduced  by  Sen. MATTERA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN ACT to amend the private housing finance law, in relation to creating
   a veteran's home and land ownership loan program

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The private housing finance law is amended by adding a  new
 article 19-A to read as follows:
                               ARTICLE XIX-A
                  VETERAN'S HOME AND LAND OWNERSHIP LOAN
 SECTION 1115. LEGISLATIVE PURPOSE.
         1115-A. DEFINITIONS.
         1115-B. CREATION OF THE "VETERAN'S HOME AND LAND OWNERSHIP
                   LOAN FUND".
         1115-C. PURPOSE AND TERMS OF LOAN.
         1115-D. LOAN REPAYMENT.
         1115-E. ISSUANCE OF BONDS.
         1115-F. ADOPTION OF REGULATIONS.
   § 1115. LEGISLATIVE PURPOSE. IT IS HEREBY FOUND AND DECLARED THAT MANY
 NEW  YORK RESIDENTS HAVE SERVED OUR NATION HONORABLY IN THE ARMED FORCES
 OF THE UNITED STATES, AND THAT MANY SUCH  NEW  YORKERS  HAVE  SACRIFICED
 CONSIDERABLY  DURING THEIR SERVICE. IT IS IN THE PUBLIC INTEREST BOTH TO
 DEMONSTRATE OUR APPRECIATION FOR THAT SERVICE BY PROVIDING STATE  FINAN-
 CIAL  ASSISTANCE  TO SUCH VETERANS; IN ORDER TO ENCOURAGE HOME OWNERSHIP
 AND THE REHABILITATION OF DETERIORATING HOUSING,  STABILIZE  COMMUNITIES
 AND IMPROVE THE LOCAL TAX BASE.
   § 1115-A. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1.  "PERSON" MEANS AN HONORABLY DISCHARGED VETERAN OF THE ARMED FORCES
 OF THE UNITED STATES, OR THEIR SURVIVING UNMARRIED SPOUSE.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07013-01-3
              

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