Bill > S09913

This bill establishes the New York State First Home Grant Program, which provides assistance to first-time home buyers for costs related to acquiring an eligible home, including downpayment, closing costs, and interest rate reductions. The bill defines a "first-time home buyer" as an individual who has not had an ownership interest in a principal residence before. The program is implemented by the Commissioner of Homes and Community Renewal in consultation with the State Comptroller, and the bill outlines the commissioner's functions, such as developing regulations, engaging consultants, and establishing methods for grant disbursement. The bill also excludes the grant amount from a first-time home buyer's taxable income for the purpose of calculating their New York adjusted gross income.