STATE OF NEW YORK ________________________________________________________________________


2019-2020 Regular Sessions


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 eligibil- ity 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 Assem- bly, do enact as follows:

1 Section 1. The real property tax law is amended by adding a new 2 section 457-a to read as follows: 3 § 457-a. Eligibility for the low interest rate program. Individuals 4 who are either an active volunteer firefighter as defined in subdivision 5 one of section two hundred fifteen of the general municipal law or a 6 volunteer ambulance worker as defined in subdivision fourteen of section 7 two hundred nineteen-k of the general municipal law, and who have served 8 as such for at least twelve consecutive months, shall be eligible to 9 participate in the state of New York mortgage agency low interest rate 10 program regardless of income limits defined by the state of New York 11 mortgage agency low interest rate program. Such eligibility shall be 12 limited to the purchase of residential property which shall be owner-oc- 13 cupied. For eligible individuals, the interest rate for thirty year 14 mortgages shall be the standard interest rate offered to all other 15 participants in such low interest rate program. 16 The commissioner of the division of housing and community renewal 17 shall promulgate such rules and regulations as may be necessary for the 18 administration of this section. 19 § 2. This act shall take effect on the thirtieth day after it shall 20 have become a law. Effective immediately, the addition, amendment 21 and/or repeal of any rule or regulation necessary for the implementation 22 of this act on its effective date are authorized to be made and 23 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