NY A04098

Establishes a zero-interest, forgivable loan program providing up to $15,000 in down payment assistance for first-generation homebuyers purchasing single-family housing as their principal residence

Defines first-generation homebuyers as first-time buyers whose parents or legal guardians have no ownership interest in residential property, or individuals who have been in foster care in New York State

Requires loan recipients to complete at least 8 hours of homebuyer counseling covering topics such as budgeting, home finance, property taxes, and the home-buying process

Forgives the loan after the homebuyer maintains the property as their principal residence for 5 years; the loan is secured as a lien on the property with mortgage lien priority

Requires the agency to submit a report within 2 years analyzing program efficacy, including data on assistance amounts by census tract, recipient demographics by race and ethnicity, and impact on first-generation homeownership