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NY A06620
Bill
Status
3/23/2021
Primary Sponsor
Fred Thiele
Click for details
AI Summary
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Authorizes the Commissioner of New York Homes and Community Renewal to establish a COVID-19 emergency homeownership stability program funded by federal homeowner assistance funds and state appropriations.
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Eligible homeowners must have applied for unemployment benefits or experienced significant income loss during January 22, 2020 through the end of the state disaster emergency, with homeownership payments exceeding 30% of 2020 or 2021 income, and 2020/2021 income below 2019 levels.
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Requires at least 60% of available funds be allocated to homeowners with incomes at or below 100% of area median income or U.S. median income, whichever is greater.
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Provides foreclosure protections: tax lien and mortgage foreclosures cannot commence against applicants unless final ineligibility determination is issued, with 90-day delays after determination or payment release.
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One-time payments to eligible homeowners capped at 150% of fair market rent for the area and household size multiplied by the number of months of requested assistance, with funds requiring documentation of use within 30 days and potential repayment if unused after 90 days.
Legislative Description
Authorizes the commissioner of New York homes and community renewal, as soon as practicable and subject to the disbursement of federal funds expressly for this purpose to the housing finance agency, to implement an emergency COVID-19 homeownership stability program and issue an emergency homeownership payment directly to the eligible homeowner; makes related provisions.
Last Action
referred to housing
1/5/2022