Expands eligibility for the low interest rate program of the state of New York mortgage agency

Latest action Apr 16, 2026

Expands eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs or comparable apprenticeship and workforce training programs for the purchase of certain property.

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Where it stands

Passed one of the two chambers; it still needs the other.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A8493, the matching bill in the Assembly.

Amends the Real Property Tax Law.

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate, Local Government · New York State Senate.

Purpose, from the sponsor's memo

To expand eligibility for the Low Interest Rate Program (LIRP) of the State of New York Mortgage Agency (SONYMA) to graduates of post second- ary education or a comparable apprenticeship or workforce training programs for a period of seven years after graduation. Qualifying indi- viduals will be eligible for a thirty-year mortgage at a rate of 1.5 lower than the standard interest rate offered for a period of 10 years for the acquisition of owner occupied residential properties in cities under 1 million that have been determined to be economically depressed or facing population loss as determined by the New York State Department of Homes and Community Renewal.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Floor vote
NY SenateApr 16, 2026Result: passed
(53) (0) (0) (10)
Vote: Committee vote · Local Government
Senate Local GovernmentMar 31, 2026Result: passed
(6) (0) (0) (1)
Vote: Floor vote
NY SenateFeb 4, 2025Result: passed
(61) (0) (0) (2)
Vote: Committee vote · Rules
Senate RulesJan 27, 2025Result: passed
(20) (0) (0) (1)

Cosponsors

Steve Rhoads

Republican1

Steve Rhoads

See the full list on nysenate.gov

The sponsor's argument

Why Brian Kavanagh says this is needed

The purpose of this legislation is to encourage homeownership in regions in New York that are economically distressed neighborhoods by providing support to young professionals with student loan debt as well as young people who have taken advantage of all of New York's investment in work- force development and apprenticeship programs, to help them purchase homes and grow their roots in Western New York and other communities that have been determined to be economically depressed or facing popu- lation loss. Support to first-time homebuyers is a sound investment and a critical component of our overall effort to strengthen area neighborhoods. This legislation will help address several issues facing Western New York and other post-industrial cities in New York State, including the exodus of college graduates from the City of Buffalo, blight created by vacant housing within the City, and the low rate of home ownership in distressed neighborhoods. It aims to entice recent college graduates, who are often balancing rent and student loans, to make a long-term investment in home ownership and to help revitalize New York's struggl- ing post-industrial cities.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Apr 16, 2026
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
Apr 16, 2026
Passed a chamber
PASSED SENATE
NY Senate
Apr 16, 2026
Referred to committee
REFERRED TO BANKS
NY Assembly
Apr 7, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
Apr 1, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate

Show full history (11 earlier events)

Mar 31, 2026
1ST Report CAL.662
1ST REPORT CAL.662
NY Senate
Jan 7, 2026
Died in Assembly
DIED IN ASSEMBLY
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO LOCAL GOVERNMENT
NY Senate
May 20, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly
Feb 4, 2025
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
Feb 4, 2025
Passed a chamber
PASSED SENATE
NY Senate
Feb 4, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 27, 2025
In committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
NY Senate
Jan 27, 2025
Ordered to Third Reading CAL.164
ORDERED TO THIRD READING CAL.164
NY Senate
Jan 24, 2025
Referred to committee
REFERRED TO LOCAL GOVERNMENT
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 3, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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