Bill > S05748

This bill creates a pilot program to encourage homeownership among individuals and groups who are currently underrepresented in homeownership or have seen a marked decline in homeownership rates over the last decade. The program will be conducted in three areas of New York State chosen by the Division of Homes and Community Renewal, and will utilize up to $2 million in existing funding from the Affordable Housing Corporation to provide downpayment assistance of up to $75,000 per eligible homebuyer. The program will also leverage the state's network of nonprofit housing organizations to provide financial management and housing counseling services to low- and moderate-income homebuyers. The Division of Homes and Community Renewal is required to issue a report on the status of the pilot program by December 31, 2019, and the program will expire on April 1, 2020.