NYS Senate Passes Bills Favoring Veteran Home Ownership and Tax Exemptions

NYLON – The New York State Senate passed legislation that supports veterans in home ownership and tax exemptions.

According to a press release by Senator Patrick Gallivan, the Senate passed two bills that will now make their way to the State Assembly.

“Our veterans have put their lives on the line to defend our freedoms and we should do everything we can to make sure they have an affordable place to live when they come home,” Gallivan said. “I’m proud to join my Senate colleagues in supporting these measures aimed at improving the quality of life for these brave men and women.”

Law S.3969 will make the Affordable Home Ownership Development Program available to home buyers who are service related disabled veterans.

The law will direct the program to provide a preference to applications based upon the extent to which the proposed project will serve households in which the home buyer is a disabled veteran, defined as those with a federal VA disability rating of 40% or higher.

Law S.4391 A supports the original intent of legislation signed into law in 2015 to allow municipalities the option to expand the maximum property tax exemptions offered to veterans. The technical changes restore the legislation’s original intent to provide a viable means to help war-time veterans maintain home ownership.