Bill > A00787

This bill establishes the New York State First Home Grant Program, designed to help first-time home buyers purchase their first residence. The program, to be implemented by the commissioner of homes and community renewal in consultation with the state comptroller, provides a $10,000 grant to eligible first-time home buyers. A "first-time home buyer" is defined as an individual who has never owned a principal residence, with some nuanced exceptions such as owning a mobile or manufactured home. The grant can be used for various home-buying expenses, including down payment costs, closing costs, reducing mortgage interest rates, creating shared equity homes, and making pre-occupancy modifications for buyers or household members with disabilities. Grant recipients must maintain the property as their primary residence for five years, or they will be required to repay a proportional amount of the grant. Additionally, the bill amends the tax law to ensure that these grants are not considered taxable income when calculating New York adjusted gross income. The program aims to expand home ownership opportunities by providing financial assistance to individuals entering the housing market for the first time.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A787