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NY A03838
Bill
Status
1/28/2021
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
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Establishes a "Tenant to Homeownership Initiative" that provides state subsidies for closing costs for eligible home buyers in New York.
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Requires buyers to have been New York state residents for five years prior to purchase and tenants in public housing or rent-subsidized apartments for that entire five-year period.
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Provides subsidies of $1,000 for buyers from public housing projects or $500 for buyers from low-income or rent-subsidized apartments.
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Limits eligibility to buyers financing purchases with conventional loans or Federal Housing Administration (FHA) loans.
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Prohibits subsidized buyers from selling or transferring property title for three years from the closing date.
Legislative Description
Calls for the state to subsidize a portion of closing costs for certain individuals who have been tenants of public housing projects or rent subsidized housing for the previous five years.
Last Action
referred to housing
1/5/2022