Encourages the preservation and viewing of historic properties by allowing an exemption from local real estate tax in cities of a million or more population, for improvements to historic real property and by requiring certain public access to such property; defines the term "historic real property" as a one, two or three family residence which is owner-occupied and designated by the appropriate agency as a historic landmark and such designation is maintained.
Establishes the New York state first home grant program; directs the commissioner of homes and community renewal, in consultation with the state comptroller, to implement such program; provides assistance on behalf of a first time home buyer qualified for such program; and for costs in connection with the acquisition, involving an eligible mortgage loan, of an eligible home, including downpayment costs, closing costs, and costs to reduce the rates of interest on eligible mortgage loans; subsidies to make shared equity homes affordable to home buyers by discounting the price for which the home will be sold and to preserve the affordability of the home for subsequent home buyers; and pre-occupancy home modifications required to accommodate qualified home buyers or members of their household with disabilities; excludes the amount of any grant to any first time home buyer awarded or any federal first time home buyer grant program from taxable income for the purpose of calculating New York adjusted gross income.
This bill exempts veteran first-time homebuyers from paying the mortgage recording tax in New York. It directly affects veterans who are purchasing their first home, as defined under New York's veterans' services law. The key provision adds a new exemption to the tax law, removing the tax requirement for mortgages executed by this specific group. The change applies immediately upon the bill's enactment.
This New York state bill (S 3737) protects homeowners from being misled into signing away their property to mortgage servicers. It requires all property transfer deeds to include explicit, bold warning language stating "YOU ARE HEREBY MADE AWARE THAT BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR HOME," accompanied by a notarized signature line from the homeowner. Failure to include this warning makes the transfer invalid and could result in a class E felony charge for the party involved. The bill also explicitly prohibits mortgage servicers from claiming ownership through deed transfers during mortgage modifications, and authorizes the state banking department to investigate suspected fraudulent transfers.
Enacts the "homebuyer renovation property tax exemption act" to grant an exemption of up to fifteen thousand dollars from taxation levied by or on behalf of any county, city, town, village or school district in which such residential property is located for a period of five years from the date of purchase of the property; defines "primary residential property".
Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.
Enacts the "homeowner fraud protection and property alert act"; relates to establishing a statewide electronic property recording alert system to allow property owners to receive notification when an instrument affecting their property is recorded in the official records of any county; establishes the county recording modernization fund.
This bill requires banks or financial institutions (as the sole mortgage holder) to offer homeowners a refinancing option when initiating a residential foreclosure. Specifically, the lender must provide an offer to refinance at their lowest interest rate from the prior 30 days, regardless of the homeowner's credit, income, or payment history. The offer must be included with the foreclosure notice and cannot be required more than once per foreclosure or per property for the same homeowner. It applies only to lenders offering residential mortgages as part of their regular business.
Relates to tax lien foreclosure; establishes senior, disabled, and veteran homeowner real property tax assistance program; establishes installment plans for certain real property taxes.
Establishes the New York state diplomas to homeownership assistance program; provides awards of up to fifteen thousand dollars to eligible applicants for repayment on student loans; makes an appropriation therefor.
