New York S 9120: Establishes the senior homeowner foreclosure and rehabilitation revolving loan program

Bill Text

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S09120 Summary:

BILL NOS09120 

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SAME ASSAME AS A11422

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SPONSORCOMRIE

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COSPNSRBRISPORT

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MLTSPNSR

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Add §2405-g, Pub Auth L

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Establishes the senior homeowner foreclosure and rehabilitation revolving loan program to permit the New York state mortgage agency to make low-interest loans, deferred payment loans, or forgivable loans, or a combination thereof, to eligible senior homeowners for eligible assistance; directs SONYMA to prioritize senior homeowners at imminent risk of foreclosure; properties with essential systems in need of immediate repair or replacement, including heating and boilers; and senior homeowners with documented financial hardship that limits their ability to maintain the property or make mortgage payments.

Go to top S09120 Actions:

BILL NOS09120 

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02/04/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS09120 Committee&nbspVotes:

Go to topS09120 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09120 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9120

 IN SENATE

 February 4, 2026
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the public authorities law, in relation to establishing
 the senior homeowner foreclosure and rehabilitation revolving loan
 program administered by the state of New York mortgage agency (SONYMA)

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The public authorities law is amended by adding a new
 2 section 2405-g to read as follows:
 3 § 2405-g. Senior homeowner foreclosure and rehabilitation revolving
 4 loan program. (1) For purposes of this section:
 5 (a) "Senior homeowner" means a natural person who is sixty-two years
 6 of age or older and owns a single-family residence within the state of
 7 New York.
 8 (b) "Eligible property" means a single-family residence owned and
 9 occupied by a senior homeowner, including attached accessory structures
 10 and systems essential for habitability.
 11 (c) "Eligible assistance" means financial support provided for one or
 12 more of the following purposes: mortgage payment assistance to prevent
 13 foreclosure, repair or replacement of essential home systems including
 14 boilers, heating, plumbing, electrical, and other capital repairs neces-
 15 sary to maintain habitability, and remediation of health and safety
 16 hazards.
 17 (d) "Program" means the senior homeowner foreclosure and rehabili-
 18 tation revolving loan program established under this section.
 19 (2) (a) There is hereby established within the agency a program to be
 20 known as the senior homeowner foreclosure and rehabilitation revolving
 21 loan program.
 22 (b) The program shall consist of moneys appropriated by the legisla-
 23 ture, repayments of principal and interest on loans made from the
 24 program, interest earnings, federal, private, or philanthropic contrib-
 25 utions, and any other moneys made available for its purposes.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14757-01-6

 S. 9120 2

 1 (c) Moneys in the program shall be continuously available and shall
 2 not lapse.
 3 (3) (a) The agency is authorized to make low-interest loans, deferred
 4 payment loans, or forgivable loans, or a combination thereof, to eligi-
 5 ble senior homeowners for eligible assistance.
 6 (b) Loan terms may include below-market interest rates, extended amor-
 7 tization periods, interest-only or deferred payment periods, and techni-
 8 cal assistance as determined by the agency.
 9 (c) Loans shall be secured by a mortgage, note, or other appropriate
 10 security interest, except where forgivable loan structures are author-
 11 ized by program guidelines.
 12 (d) Administrative, outreach, and marketing expenditures, including
 13 program materials, community-based outreach, and applicant technical
 14 assistance, shall not exceed one percent of the total annual appropri-
 15 ation for the program and shall not include general agency overhead or
 16 unrelated personnel costs.