Establishes a senior homeowner foreclosure and rehabilitation revolving loan program in New York to provide financial assistance to eligible senior.

The bill establishes the senior homeowner foreclosure and rehabilitation revolving loan program within the New York state mortgage agency (SONYMA). This program aims to provide low-interest loans, deferred payment loans, or forgivable loans to eligible senior homeowners. Priority is given to those at imminent risk of foreclosure, properties needing immediate repair or replacement of essential systems, and those with documented financial hardship. The program allows for below-market interest rates, extended amortization periods, and technical assistance.

Establishes a senior homeowner foreclosure and rehabilitation revolving loan program in New York to provide financial assistance to eligible senior.

The bill establishes the senior homeowner foreclosure and rehabilitation revolving loan program within the New York state mortgage agency (SONYMA). This program aims to provide low-interest loans, deferred payment loans, or forgivable loans to eligible senior homeowners. Priority is given to those at imminent risk of foreclosure, properties needing immediate repair or replacement of essential systems, and those with documented financial hardship. The program allows for below-market interest rates, extended amortization periods, and technical assistance.