Bill > A07862

This bill creates a pilot program to encourage homeownership among people and groups in New York State who are currently underrepresented in homeownership or have seen a marked decline in homeownership rates over the last decade. The program will provide outreach, education, and financial assistance, including up to $75,000 in downpayment assistance, to help these individuals and groups achieve sustainable homeownership. The Division of Homes and Community Renewal will administer the program in three areas of the state that have experienced declines in homeownership among underrepresented populations, in partnership with nonprofit housing organizations. The program is set to expire on April 1, 2022, and the Division will report on its status by December 31, 2021.