NY A07862

Division of Homes and Community Renewal, in conjunction with the Office of Community Renewal and Affordable Housing Corporation, shall conduct a pilot program providing outreach, education, and financial assistance to historically underrepresented persons and groups in New York state to achieve sustainable homeownership.

Pilot program will operate in three state areas selected by the Division based on factors including population growth among underrepresented groups not reflected in homeownership increases, displacement patterns, and homeownership declines since the 2008 financial crisis.

Program shall utilize up to $2 million in existing Affordable Housing Corporation funding to increase downpayment assistance to up to $75,000 per eligible homebuyer without increasing the existing regulatory period.

Division shall partner with nonprofit housing organizations including Neighborhood and Rural Preservation Companies, community development corporations, and community-based housing organizations to provide financial management and housing counseling services.

Division must issue a joint report to the New York State Senate and Assembly housing committees by December 31, 2021, detailing program status, identified areas, service providers, and participant numbers; the act expires April 1, 2022.