Bill > S03068

This bill establishes a tenant-to-homeownership initiative that provides closing cost subsidies for low-income renters who want to purchase a home in New York State. Specifically, the bill creates a program where tenants who have lived in public housing projects or rent-subsidized apartments for five consecutive years can receive financial assistance when buying a home. The subsidy amounts are $1,000 for those from public housing projects and $500 for those from low-income or rent-subsidized apartments. To qualify, buyers must be state residents, use either a conventional or Federal Housing Administration (FHA) loan, and have lived in subsidized housing continuously for five years. An important provision of the bill is a "clawback" clause that requires recipients to repay the subsidy if they sell or transfer the property within three years of purchase. The Division of Housing and Community Renewal will be responsible for administering the program, including processing applications and distributing funds. The goal of the initiative appears to be supporting low-income tenants in transitioning to homeownership by providing modest financial support to help offset the upfront costs of purchasing a home.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S3068