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NY S09913
Bill
Status
9/16/2024
Primary Sponsor
Jeremy Cooney
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AI Summary
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Establishes the New York State First Home Grant Program administered by the Division of Homes and Community Renewal to provide financial assistance to first-time home buyers.
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Provides $10,000 grants per eligible first-time home buyer for down payments, closing costs, interest rate reduction, shared equity home subsidies, or home modifications for disabilities.
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Defines "first-time home buyer" as an individual who has never owned a principal residence anywhere and does not currently own any other residential property, with a limited exception for mobile or manufactured homes.
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Requires grant recipients to maintain the property as their primary residence for five years or repay a proportional amount of the grant based on years of occupancy.
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Excludes grant amounts awarded under this program and federal first-time home buyer grants from New York State taxable income calculations.
Legislative Description
Establishes the New York state first home grant program; directs the commissioner of homes and community renewal, in consultation with the state comptroller, to implement such program; provides assistance on behalf of a first time home buyer qualified for such program; and for costs in connection with the acquisition, involving an eligible mortgage loan, of an eligible home, including downpayment costs, closing costs, and costs to reduce the rates of interest on eligible mortgage loans; subsidies to make shared equity homes affordable to home buyers by discounting the price for which the home will be sold and to preserve the affordability of the home for subsequent home buyers; and pre-occupancy home modifications required to accommodate qualified home buyers or members of their household with disabilities; excludes the amount of any grant to any first time home buyer awarded or any federal first time home buyer grant program from taxable income for the purpose of calculating New York adjusted gross income.
Last Action
REFERRED TO RULES
9/16/2024