NY A08166

Authorizes the New York State mortgage agency to create and manage a first-time homebuyer assistance program providing up to $20,000 per eligible buyer for down payments, closing costs, or permanent interest rate reductions.

Limits program eligibility to first-time homebuyers purchasing new or newly constructed residential units in New York for no more than $450,000 (or agency-adjusted amount) that will be owner-occupied.

Requires recipients who sell or refinance within the original mortgage loan term to repay the lesser of the program funds received or 50 percent of their home equity gains to the agency.

Prohibits builders and developers from increasing qualifying residential unit prices based on program fund assistance and allows the agency to use up to 5 percent of program funds for administration.

Requires the agency to establish rules for application and distribution criteria and file annual reports to the governor and legislative leaders on program disbursements and price adjustments.