Bill > S01212

This bill establishes a middle income home ownership subsidy program designed to help households in New York City with incomes below the median level purchase homes in urban areas. The program will provide financial assistance of more than $125,000 to qualified households who meet specific criteria: applicants must have an annual income below the city's median income, not currently own a housing unit, and have never received home ownership assistance previously. Eligible properties include homes with two or fewer units, condominiums, or cooperatives that are located in urban areas and are provided for, insured, or guaranteed by state or federal government. Applicants must submit an application to the division, which will review and approve based on household qualification, property eligibility, inspection by an approved home inspector, and appraisal value. The program will be funded through community development block grants, and the division is authorized to create rules, forms, and charge up to a $100 application fee. If an approved household defaults on a mortgage payment, subsidy payments will automatically cease. The bill will take effect 180 days after becoming law, with immediate authorization for developing necessary implementation regulations.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S1212