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NY S03150
Bill
Status
1/23/2025
Primary Sponsor
Jeremy Cooney
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AI Summary
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Establishes the New York State First Home Grant Program, providing $10,000 grants to first-time home buyers for down payment costs, closing costs, mortgage interest rate reductions, shared equity home subsidies, and disability-related home modifications
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Defines "first-time home buyer" as an individual who has never had an ownership interest in a principal residence, with an exception for those who only own mobile or manufactured homes valued as personal property
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Requires grant recipients to maintain the purchased property as their primary residence for five years or repay a proportional amount of the grant based on years of occupancy
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Excludes grants received under this program and any federal first-time home buyer grant programs from New York State taxable income, regardless of federal tax treatment
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Takes effect 180 days after becoming law, with the Commissioner of Housing and Community Renewal and Comptroller authorized to promulgate implementing regulations immediately
Legislative Description
Establishes the New York state first home grant program; directs the commissioner of homes and community renewal, in consultation with the state comptroller, to implement such program; provides assistance on behalf of a first time home buyer qualified for such program; and for costs in connection with the acquisition, involving an eligible mortgage loan, of an eligible home, including downpayment costs, closing costs, and costs to reduce the rates of interest on eligible mortgage loans; subsidies to make shared equity homes affordable to home buyers by discounting the price for which the home will be sold and to preserve the affordability of the home for subsequent home buyers; and pre-occupancy home modifications required to accommodate qualified home buyers or members of their household with disabilities; excludes the amount of any grant to any first time home buyer awarded or any federal first time home buyer grant program from taxable income for the purpose of calculating New York adjusted gross income.
Last Action
REPORTED AND COMMITTED TO FINANCE
2/10/2026