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NY A05749
Bill
Status
2/20/2025
Primary Sponsor
Michaelle Solages
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AI Summary
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Establishes a pilot program through the Division of Homes and Community Renewal, Office of Community Renewal, and Affordable Housing Corporation to provide outreach, education, and financial assistance for homeownership to historically underrepresented groups
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Program will operate in three areas selected based on factors including population growth among underrepresented groups not reflected in homeownership increases, displacement patterns, and homeownership declines since the 2008 financial crisis
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Allocates up to $2,000,000 from existing Affordable Housing Corporation funding and increases downpayment assistance to up to $75,000 per eligible homebuyer without extending the regulatory period
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Requires use of existing nonprofit housing organizations including Neighborhood and Rural Preservation Companies and community development corporations to provide financial management and housing counseling services
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Mandates a status report to legislative housing committee chairs by December 31, 2025; the program expires and is repealed on April 1, 2026
Legislative Description
Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented in homeownership and/or have seen a marked decline in rates of homeownership over the last decade; provides for the repeal of such provisions upon the expiration thereof.
Last Action
referred to housing
1/7/2026