Loading chat...
NY A08107
Bill
Status
4/30/2025
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
-
Creates a "Tenant to Homeownership Initiative" administered by the Division of Housing and Community Renewal to subsidize closing costs for qualifying home buyers
-
Requires buyers to have been New York State residents for five years and lived in public housing or rent-subsidized housing for that entire period
-
Provides $1,000 toward closing costs for public housing residents and $500 for those in low-income or rent-subsidized apartments
-
Limits eligibility to buyers financing their purchase with conventional or FHA loans
-
Requires repayment of the subsidy if the buyer sells or transfers the property within three years of closing
Legislative Description
Calls for the state to subsidize a portion of closing costs for certain individuals who have been tenants of public housing projects or rent subsidized housing for the previous five years.
Last Action
referred to housing
1/7/2026