New York S 2375: Creates a veteran's home and land ownership loan program

Bill Text

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S02375 Summary:

BILL NOS02375 

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SAME ASSAME AS A02338

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SPONSORMATTERA

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COSPNSR

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MLTSPNSR

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Add Art 19-A §§1115 - 1115-f, Priv Hous Fin L

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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.

Go to top S02375 Actions:

BILL NOS02375 

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01/16/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS02375 Committee&nbspVotes:

Go to topS02375 Floor&nbspVotes:

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

Go to topS02375 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2375

 2025-2026 Regular Sessions

 IN SENATE

 January 16, 2025
 ___________

 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:

 1 Section 1. The private housing finance law is amended by adding a new
 2 article 19-A to read as follows:
 3 ARTICLE XIX-A
 4 VETERAN'S HOME AND LAND OWNERSHIP LOAN
 5 Section 1115. Legislative purpose.
 6 1115-a. Definitions.
 7 1115-b. Creation of the "veteran's home and land ownership
 8 loan fund".
 9 1115-c. Purpose and terms of loan.
 10 1115-d. Loan repayment.
 11 1115-e. Issuance of bonds.
 12 1115-f. Adoption of regulations.
 13 § 1115. Legislative purpose. It is hereby found and declared that many
 14 New York residents have served our nation honorably in the armed forces
 15 of the United States, and that many such New Yorkers have sacrificed
 16 considerably during their service. It is in the public interest both to
 17 demonstrate our appreciation for that service by providing state finan-
 18 cial assistance to such veterans; in order to encourage home ownership
 19 and the rehabilitation of deteriorating housing, stabilize communities
 20 and improve the local tax base.
 21 § 1115-a. Definitions. For the purposes of this article, the following
 22 terms shall have the following meanings:
 23 1. "Person" means an honorably discharged veteran of the Armed Forces
 24 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.
 LBD05523-01-5

 S. 2375 2

 1 2. "Veteran" means a person who served in the active military, naval,
 2 or air service during time of war as defined below, or who was a recipi-
 3 ent of the armed forces expeditionary medal, navy expeditionary medal,
 4 marine corps expeditionary medal, or global war on terrorism expedition-
 5 ary medal, and who was discharged or released therefrom under honorable
 6 conditions.
 7 3. "Service during time of war" means:
 8 (a) The individual in question was a recipient of the armed forces
 9 expeditionary medal, the navy expeditionary medal or the marine corps
 10 expeditionary medal for participation in operations in Lebanon from June
 11 first, nineteen hundred eighty-three to December first, nineteen hundred
 12 eighty-seven, in Grenada from October twenty-third, nineteen hundred
 13 eighty-three to November twenty-first, nineteen hundred eighty-three, or
 14 in Panama from December twentieth, nineteen hundred eighty-nine to Janu-
 15 ary thirty-first, nineteen hundred ninety, or;
 16 (b) The individual served on active duty for ninety days or more in
 17 the armed forces of the United States during any one of the following
 18 wars or hostilities:
 19 (i) in World War I from the sixth day of April, nineteen hundred
 20 seventeen to the eleventh day of November, nineteen hundred eighteen,
 21 inclusive;
 22 (ii) in World War II from the seventh day of December, nineteen
 23 hundred forty-one to the thirty-first day of December, nineteen hundred
 24 forty-six, inclusive;
 25 (iii) in the Korean hostilities from the twenty-seventh day of June,
 26 nineteen hundred fifty to the thirty-first day of January,