Bill > S03150

This bill establishes the New York State First Home Grant Program (HOME Act) to help first-time home buyers purchase their first home. The program, administered by the commissioner of homes and community renewal in consultation with the state comptroller, will provide eligible first-time home buyers with a $10,000 grant that can be used for various home-buying expenses, including down payments, closing costs, interest rate reductions, shared equity home discounts, and pre-occupancy home modifications for buyers with disabilities. A "first-time home buyer" is defined specifically as an individual who has not previously owned a principal residence, with some nuanced exceptions like ownership of a mobile home. Grant recipients must use 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.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S3150