Senate bill · S9120 (2025-26)
Establishes the senior homeowner foreclosure and rehabilitation revolving loan program
New York State Senate
Same as A11422, the matching bill in the Assembly.
Summary
Establishes the senior homeowner foreclosure and rehabilitation revolving loan program to permit the New York state mortgage agency to make low-interest loans, deferred payment loans, or forgivable loans, or a combination thereof, to eligible senior homeowners for eligible assistance; directs SONYMA to prioritize senior homeowners at imminent risk of foreclosure; properties with essential systems in need of immediate repair or replacement, including heating and boilers; and senior homeowners with documented financial hardship that limits their ability to maintain the property or make mortgage payments.
Summary from NY Open Legislation. How we handle summaries
Amends the Public Authorities Law.
From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 2026. About our data
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Purpose, from the sponsor's memo
Section 1 creates a new 2405-g of public authorities law establishing the Senior Homeowner Foreclosure and Rehabilitation Revolving Loan Program within the Housing Finance Agency; authorizes the agency to provide low interest, deferred, forgivable, or combination loans to eligible senior homeowners. Loan terms may include below-market interest rates, extended amortization, interest only or deferred payment periods, and technical assistance. Loans are to be secured unless structured as forgivable, and administrative, outreach, and marketing costs are capped at 1% of the annual appropriation. Eligibility Criteria (§ 2405-g(4)): To receive assistance, a senior homeowner must: Demonstrate financial need and inability to maintain mortgage payments or essential home systems without help; certify the property is their primary residence, and agree to comply with applicable housing, building, and fire codes. As conditions of assistance, no senior may be displaced due to rehabilitation, and the agency may require affordability covenants tied to the amount of assistance. Prioritization (§ 2405-g(5)): Directs SONYMA to prioritize senior home- owners at imminent risk of foreclosure; with properties needing immedi- ate repair or replacement of essential systems (i.e., heating, boiler); and with documented financial hardship limiting their ability to main- tain the home or make mortgage payments. Reporting and Oversight (§ 2405-g(6)): requires the agency to submit an annual report to the Governor, Temporary President of the Senate, and Speaker of the Assembly detailing program activity. The program is subject to audit by the State Comptroller. Severability (§ 2405-g(7)): ensures that if any provision of the section is held invalid, the remainder remains in effect. Section 2 is an immediate effective date with authorization for rules or regulations necessary for implementation to be adopted on or before the effective date.
Filed with the bill. Read it on nysenate.gov (opens in a new tab)
Where it stands
Assigned to a committee for review.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Corporations, Authorities and Commissions · New York State Assembly
Also referred to Corporations, Authorities And Commissions · New York State Senate.
Cosponsors
Showing the cosponsors who are on Agora, A to Z. The official record may list more.
Read on NY Senate (opens in a new tab)- Democratic1
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The sponsor's argument
Why Leroy Comrie says this is needed
By preventing foreclosure and helping seniors maintain their homes, the program promotes housing security, preserves neighborhood stability, and protects the health and safety of some of New York's most vulnerable residents. Senior homeowners in New York State face a growing and acute housing insecurity crisis that threatens their ability to remain in their homes as they age. Nearly 64% of New Yorkers age 60 and over own their homes, many on fixed incomes with limited ability to absorb rising costs for taxes, insurance, and essential repairs like heating, plumbing, and electrical systems - expenditures that often exceed 30% of income, the threshold for cost-burdened households. Statewide data shows that 37% of households age 62-74 and 43% of those over 75 face housing insecurity, substantially above national averages, signaling intensified financial strain for older owners. In New York City alone, there are more than 1.36 million residents aged 65 and older, a population that has grown over 30% in the last decade and includes a large share of homeowners with little to no retirement income. Meanwhile, senior poverty has surged statewide numbers over age 65 living below the poverty line have risen by nearly 50% in recent years, demonstrating the widening gap between living costs and fixed retirement resources for older adults. Traditional financing remains out of reach for many of these households, leaving them unable to secure affordable loans for critical repairs or mortgage support. Without intervention, these pressures contribute to foreclosure risk, displacement, deteriorating housing conditions, and negative health and community outcomes. We all live on the back of the efforts of our older adult population and it's essential we provide the needed tools to allow folks to retain investments they have built over their lifetimes.
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
- May 15, 2026
Referred to committee
REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
NY Assembly
- Feb 4, 2026
Referred to committee
REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
NY Senate