Bill > A04089

This bill establishes a first-time homebuyer assistance program within the New York Mortgage Agency designed to help first-time homebuyers purchase new residential properties. The program provides eligible first-time homebuyers (defined as individuals who have not owned a primary residential property in the past three years and are not married to someone who has) with up to $20,000 in financial assistance. These funds can be used for down payments, closing costs, or to permanently reduce the interest rate on a qualifying mortgage loan for a new residential unit in New York valued at $450,000 or less. Recipients cannot receive a direct cash payout and must occupy the home as their primary residence. If the recipient sells or refinances the property before the original mortgage term ends, they must repay either the full amount of program funds received or 50% of their home equity, whichever is less. The agency administering the program is authorized to create rules for application and distribution, can use up to 5% of program funds for administrative costs, and must provide an annual report to state leadership detailing program disbursements and any adjustments to the maximum property purchase price. Importantly, builders and developers are prohibited from increasing property prices to account for these program funds.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A4089