NY S07316

Repeals Article 28 of the Private Housing Finance Law and related tax law provisions (paragraphs 42-43 of section 612) that were added by chapter 472 of the laws of 2017.

Directs the Division of Housing and Community Renewal, in consultation with the Department of Taxation and Finance and the State Mortgage Authority, to study opportunities and implications of a tax-advantaged first home savings program.

Study must examine feasibility, sustainability, income limitations, challenges for first-time homebuyers, homeownership rates in New York versus nationally, programs in other states, and detailed fiscal impacts including tax revenue effects and economic impact on home purchasing and construction.

Division of Housing and Community Renewal must issue a detailed report with recommendations and findings to the governor, legislative leaders, and relevant committees by June 30, 2018, and post it on its website.

Takes effect immediately, except that the repeal sections take effect on the same date and manner as chapter 472 of the laws of 2017.