BILL NUMBER: S6274
SPONSOR: SCARCELLA-SPANTON
 
TITLE OF BILL:
An act to amend the private housing finance law, in relation to prefer-
ences under the affordable home ownership development program for veter-
ans with service-related disabilities
 
PURPOSE OF BILL:
To include veterans with service-related disabilities among those who
receive preferences in the Affordable Home Ownership Development
Program.
 
SUMMARY OF PROVISIONS:
Section one of the bill amends section 1111 of the private housing
finance law, which provides definitions for the Affordable Homeownership
Development Program by adding a new subdivision defining a "veteran with
a service-related disability" as a person who was (a) active in military
service, or a recipient of an expeditionary medal for military service;
(b) honorably discharge or released from duties; and (c) awarded a disa-
bility rating of forty percent or higher from the federal veteran's
administration or Department of Defense from a disability incurred in
the line of active duty.
Section two of the bill amends section 1112 of the private housing
finance law to include households in which the home buyer is a veteran
with a service-related disability among those that the Affordable Hous-
ing Corporation shall give a preference in determining awards.
Section three of the bill sets forth the effective date.
 
JUSTIFICATION:
Veterans who served their country honorably and incurred a disability in
the line of duty deserve our utmost respect. It is only fitting that we
help ensure that they have access to affordable homeownership through
this program.
 
LEGISLATIVE HISTORY:
2024; Held in Assembly Housing Committee.
 
FISCAL IMPLICATIONS:
Minimal.
 
EFFECTIVE DATE:
This bill shall take effect on the ninetieth day after it shall have
become a law.

Statutes affected:
S6274: 1111 private housing finance law, 1112 private housing finance law, 1112(3) private housing finance law