Establishes a loan program for senior homeowners in New York to prevent foreclosure and repair essential home systems.
The bill establishes the senior homeowner foreclosure and rehabilitation revolving loan program, allowing the New York state mortgage agency to provide low-interest, deferred payment, or forgivable loans to eligible senior homeowners. The program prioritizes those at imminent risk of foreclosure, properties needing urgent repairs, and those with financial hardship. Loans can cover mortgage payments, repairs, and replacements of essential systems like heating and boilers. The program is funded by appropriations, loan repayments, interest earnings, and contributions.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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