New York A 4336: Establishes the New York student loan assistance and home purchase act

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A04336 Summary:

BILL NOA04336 

&nbsp

SAME ASSAME AS S05790

&nbsp

SPONSORTapia

&nbsp

COSPNSRGonzalez-Rojas

&nbsp

MLTSPNSR

&nbsp

Add §2405-g, Pub Auth L

&nbsp

Establishes the "New York student loan assistance and home purchase act", for the purposes of facilitating the purchase of homes by individuals who are burdened by student debt, by providing financing opportunities for the consolidation of student debt into a mortgage.

Go to top A04336 Actions:

BILL NOA04336 

&nbsp

02/04/2025referred to housing

01/07/2026referred to housing

Go to topA04336 Committee&nbspVotes:

Go to topA04336 Floor&nbspVotes:

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

Go to topA04336 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4336

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. TAPIA, GONZALEZ-ROJAS -- read once and referred
 to the Committee on Housing

 AN ACT to amend the public authorities law, in relation to establishing
 the "New York student loan assistance and home purchase act"

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

 1 Section 1. This act shall be known and may be cited as the "New York
 2 student loan assistance and home purchase act".
 3 § 2. The public authorities law is amended by adding a new section
 4 2405-g to read as follows:
 5 § 2405-g. Student loan assistance and home purchase program. 1. Defi-
 6 nitions. For the purposes of this section, the following terms shall
 7 have the following meanings:
 8 (a) "Program" means the student loan assistance and home purchase
 9 program established pursuant to subdivision two of this section.
 10 (b) "Student loan" means any loan to a borrower to finance post-secon-
 11 dary education or expenses related to post-secondary education. For the
 12 purposes of this section, the term "student loan" shall not be limited
 13 to loans, as such term is defined by subdivision ten of section twenty-
 14 four hundred two of this part.
 15 2. Program established. The agency shall establish a "student loan
 16 assistance and home purchase program", to be administered by the agency,
 17 for the purposes of facilitating the purchase of homes by individuals
 18 who are burdened by student debt, by providing financing opportunities
 19 pursuant to subdivision three of this section. The chair of the agency
 20 shall appoint a director of the program to oversee the implementation of
 21 the program.
 22 3. Student loan assistance and home purchase program; implementation.
 23 (a) The program shall assist individuals who apply and are accepted to
 24 the program pursuant to paragraph (b) of this subdivision, by consol-
 25 idating all or a portion of such individuals' student loans into such

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08171-01-5

 A. 4336 2

 1 individuals' mortgages. The program shall be authorized to purchase
 2 mortgages, existing mortgages, and student loans from banks as needed to
 3 effectuate the provisions of this section. There shall be no limit to
 4 the amount of student loan debt that may be incorporated into a mortgage
 5 or existing mortgage pursuant to this section, unless otherwise provided
 6 by state or federal law.
 7 (b) The program shall establish an application process whereby
 8 prospective homeowners who are residents of the state with student debt,
 9 may apply to the program for consolidation of such residents' student
 10 debt with a mortgage or existing mortgage. In considering an applicant
 11 to the program, the program shall not consider foreclosure status, home
 12 cleanliness, or whether the home will be such applicant's first home.
 13 (c) Individuals who are accepted to the program pursuant to this
 14 section shall be required to maintain the purchased home as their prima-
 15 ry residence for no less than five years from the date of closing. The
 16 commissioner of housing and community renewal shall establish penalties
 17 and fees applicable for violations of this paragraph.
 18 (d) The program shall comply with all applicable federal laws and
 19 regulations.
 20 4. Rules and regulations. The commissioner of housing an