NY A04089

Creates a first-time homebuyer assistance program administered by the New York State Mortgage Agency, providing up to $20,000 per eligible buyer

Limits eligibility to buyers who have not owned a primary residence in the past three years and are purchasing new construction homes priced at $450,000 or less

Funds may be used for down payments, closing costs, or reducing mortgage interest rates, but cannot be received as cash at closing

Prohibits builders or developers from increasing home prices based on the buyer's use of program funds

Requires recipients who sell or refinance before the end of the original mortgage term to repay the lesser of the full program funds received or 50% of their home equity

Takes effect 180 days after becoming law, with the agency authorized to use up to 5% of program funds for administration