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NY S03068
Bill
Status
1/23/2025
Primary Sponsor
James Sanders
Click for details
AI Summary
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Creates the "Tenant to Homeownership Initiative" administered by the Division of Housing and Community Renewal to subsidize closing costs for qualifying home buyers
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Requires applicants to have been New York State residents for five years and lived in public housing or rent-subsidized apartments for that entire period
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Provides $1,000 toward closing costs for public housing residents or $500 for those in low-income/rent-subsidized apartments
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Limits eligibility to buyers financing their purchase with conventional or FHA loans
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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
REPORTED AND COMMITTED TO FINANCE
2/10/2026