NY A08126

Establishes a zero-interest, forgivable loan program providing up to $15,000 in down payment assistance for first-generation homebuyers to purchase single-family housing for their principal residence.

Defines "first-generation homebuyer" as a first-time homebuyer whose parents have no residential property ownership anywhere, or whose spouse, domestic partner, and household members had no principal residence ownership in the past three years, or who has ever been in foster care in New York.

Requires recipients to complete at least eight hours of homebuyer counseling covering housing cost maintenance, home finance basics, legal components of home purchases, and property search processes before receiving assistance.

Requires borrowers to commit to using the home as their principal residence for five years; the loan is forgiven upon satisfying the five-year commitment and other agency requirements.

Mandates the agency submit a report to the governor and legislature within two years analyzing program efficacy, including total assistance provided, demographic data by census tract, and impact on housing costs and first-generation homeownership rates.