Bill > S05561

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 resources such as outreach, education, and financial assistance to help these individuals and groups achieve sustainable homeownership. The program will be conducted in three areas of the state that have seen declines in homeownership among underrepresented populations, and will utilize up to $2 million in existing funding from the Affordable Housing Corporation to provide up to $75,000 in downpayment assistance 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 support low- and moderate-income homebuyers. The bill requires the Division of Homes and Community Renewal to issue a report on the status of the pilot program by December 31, 2023, and the program will expire on April 1, 2024.