New York A 5697: Relates to establishing the New York state diplomas to home ownership program; appropriation

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A05697 Summary:

BILL NOA05697 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBarclay (MS)

&nbsp

COSPNSRMcDonough, Lemondes, DeStefano

&nbsp

MLTSPNSRBrown K, Manktelow

&nbsp

Add §679-k, Ed L; amd §2404, Pub Auth L

&nbsp

Establishes the New York state diplomas to homeownership assistance program; provides awards of up to fifteen thousand dollars to eligible applicants for repayment on student loans; makes an appropriation therefor.

Go to top A05697 Actions:

BILL NOA05697 

&nbsp

02/20/2025referred to higher education

05/20/2025held for consideration in higher education

01/07/2026referred to higher education

Go to topA05697 Committee&nbspVotes:

Committee:HIGHER EDUCATION Chair:Hyndman 
DATE:05/20/2025AYE/NAY:15/8 Action: Held for Consideration HyndmanAyeSmullenNay

LupardoAyeSmithNay

StirpeAyeFitzpatrickNay

SimonAyeReillyNay

McDonaldAyeMillerNay

Bichotte HermelAyeGrayNay

McMahonAyePirozzoloNay

ButtenschonAyeSempolinskiNay

ClarkAye

ForrestAye

Chandler-WatermAye

SeawrightAye

EachusAye

SayeghExcused

ReyesExcused

GriffinAye

KellesAye

O'PharrowExcused

Go to topA05697 Floor&nbspVotes:

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

Go to topA05697 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5697

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 20, 2025
 ___________

 Introduced by M. of A. BARCLAY, McDONOUGH, LEMONDES, DeSTEFANO --
 Multi-Sponsored by -- M. of A. K. BROWN, MANKTELOW -- read once and
 referred to the Committee on Higher Education

 AN ACT to amend the education law and the public authorities law, in
 relation to establishing the New York state diplomas to home ownership
 program; and making an appropriation therefor

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

 1 Section 1. The education law is amended by adding a new section 679-k
 2 to read as follows:
 3 § 679-k. New York state diplomas to homeownership program. 1. Defi-
 4 nitions. (a) "Award" means a New York state diplomas to homeownership
 5 program award.
 6 (b) "Qualified property" means an approved land bank property pursuant
 7 to article sixteen of the not-for-profit corporation law.
 8 (c) "Delinquent" means the failure to pay a required scheduled payment
 9 on a federal student loan within thirty days of such payment's due date.
 10 (d) "Program" means the New York state diplomas to homeownership
 11 program.
 12 2. Eligibility. To be eligible for an award pursuant to this section,
 13 applicants shall:
 14 (a) have graduated from a high school located in the state or attended
 15 an approved state program for a state high school equivalency diploma
 16 and received such diploma. An applicant who received a high school
 17 diploma, or its equivalent, from another state is ineligible for a
 18 program award;
 19 (b) have graduated and obtained an undergraduate degree from a college
 20 or university located in New York state;
 21 (c) have outstanding student loan debt from obtaining such degree;
 22 (d) have not previously purchased a home at the time of application
 23 for the program;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02230-01-5

 A. 5697 2

 1 (e) not be delinquent on a federal student loan or in default on a
 2 student loan made under any statutory New York state or federal educa-
 3 tion loan program; and
 4 (f) be in the process of purchasing a qualified property; and
 5 (g) not be received in conjunction with any other state homebuyers
 6 incentives programs.
 7 3. Administration. An applicant for an award shall apply for program
 8 eligibility at such times, on forms and in a manner prescribed by the
 9 corporation. The corporation may require applicants to provide addi-
 10 tional documentation evidencing eligibility, including but not limited
 11 to proof of loan amounts, and qualified property assessment and valu-
 12 ation.
 13 4. Amounts and duration. (a) The amount of the award shall be equal to
 14 ten percent of the purchase price of the qualified property, not to
 15 exceed fifteen thousand dollars.
 16 (b) In the event that ten percent of the purchase price of a qualified
 17 property exceeds the remaining balance of the recipient'