NY A10385

Establishes a middle income home ownership subsidy program to provide financial assistance to households with annual income below the median income for New York City to purchase eligible units for rehabilitation and ownership.

Eligible units include homes with two or fewer units, condominiums, or cooperatives that are purchased with state or federal government financing, insurance, or guarantees and are located in urban areas.

Qualified households must have income below NYC median income (calculated using HUD Section 8 methodology), not currently own a home, have not previously received home ownership assistance, and pass inspection and appraisal requirements before approval.

Subsidy amounts shall exceed $125,000 in the aggregate, with the division authorized to charge an application fee not exceeding $100 and charge maximum purchase prices for eligible units.

Funding shall come from community development block grant funds, and subsidy payments automatically cease if a recipient defaults on their mortgage; the act takes effect 180 days after enactment.