Bill Text: NY A08101 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to eligibility under the New York state young farmers loan forgiveness incentive program; expands program to farmers who have produced agricultural products for no more than ten years.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2020-01-08 - referred to higher education [A08101 Detail]
Download: New_York-2019-A08101-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8101 2019-2020 Regular Sessions IN ASSEMBLY June 3, 2019 ___________ Introduced by M. of A. LUPARDO -- read once and referred to the Commit- tee on Higher Education AN ACT to amend the education law, in relation to eligibility and awards for the New York state young farmers loan forgiveness incentive program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 679-f of the education law, as added by section 1 2 of part Y of chapter 56 of the laws of 2014, is amended to read as 3 follows: 4 § 679-f. New York state young farmers loan forgiveness incentive 5 program. 1. Purpose. The president shall grant student loan forgiveness 6 awards for the purpose of alleviating the burden of student loan debt 7 for young farmers. Such awards shall be made on a competitive basis, in 8 accordance with rules and regulations promulgated by the corporation for 9 such purposes, to applicants who meet the eligibility criteria. Such 10 rules and regulations shall include provisions for the consideration of 11 applicants who are economically disadvantaged. 12 2. Eligibility. To be eligible for an award pursuant to this section, 13 applicants shall: (a) have graduated and obtained a degree from an 14 approved New York state college or university; (b) have an outstanding 15 student loan debt from obtaining such degree; (c) operate a farm in New 16 York state on a full-time basis; (d) agree to operate such farm for the 17 duration of no less than five years; (e) [apply for this program within18two years of college graduation] have produced an "agricultural product" 19 as defined by section three hundred twenty-eight of the agriculture and 20 markets law, for no more than ten consecutive years; and (f) comply with 21 subdivisions three and five of section six hundred sixty-one of this 22 part. 23 3. Awards. No greater than ten awards shall be granted to qualified 24 applicants in the amount of up to ten thousand dollars per year, per EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11672-01-9A. 8101 2 1 applicant, not to exceed a duration of five years and not to exceed the 2 total amount of such applicant's student loan debt. The corporation 3 shall grant such awards within amounts appropriated for such purposes 4 and based on the availability of funds. No one applicant shall receive 5 more than a total of fifty thousand dollars upon the end of a five year 6 period. 7 4. Priority. First priority shall be given to applicants who are 8 completing the second, third, fourth or fifth year of full-time farm 9 operation and are re-applying to receive an award under this program. 10 Second priority shall be given to an applicant who can demonstrate 11 economic need but did not receive an award during [the first year of12this program's operation] a previous application period. If larger 13 numbers of applicants are eligible pursuant to this subdivision than 14 funds available, applicants shall be chosen pursuant to rules and regu- 15 lations promulgated by the corporation. Provided, however, that each 16 applicant chosen shall receive an award of up to ten thousand dollars in 17 each year such applicant is accepted into the program. 18 § 2. This act shall take effect on the ninetieth day after it shall 19 have become a law.