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NY A00787
Bill
Status
1/8/2025
Primary Sponsor
Michaelle Solages
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AI Summary
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Establishes the "New York State First Home Grant Program" (HOME Act) administered by the Division of Homes and Community Renewal to provide $10,000 grants to first-time home buyers
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Grant funds may be used for downpayment costs, closing costs, interest rate reduction, shared equity home subsidies, and pre-occupancy home modifications for buyers or household members with disabilities
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Defines "first-time home buyer" as someone who has never held an ownership interest in a principal residence, excluding mobile/manufactured home owners unless they previously claimed real estate tax or mortgage deductions
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Requires grant recipients to maintain the property as their primary residence for five years, with proportional repayment required if they move out early (except for shared equity homeownership programs)
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Excludes grants received under this program or any federal first-time home buyer grant program from New York adjusted gross income for state tax purposes
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 housing
1/7/2026