Bill > A04098

This bill establishes a first-generation homebuyer assistance program that provides a zero-interest, forgivable loan of up to $15,000 to help first-time homebuyers who have not previously owned a home purchase their first property. To qualify, applicants must be first-generation homebuyers, defined as individuals whose parents or legal guardians do not currently own residential property, and who have not owned a home themselves in the past three years. Applicants must commit to using the home as their primary residence for five years and complete an eight-hour homebuyer counseling course covering topics like housing costs, home finance, legal components of home purchasing, and real estate searching. The loan will be forgiven if the homebuyer meets all program requirements, and the agency administering the program will allow self-attestation of eligibility, with measures in place to prevent fraud. The program aims to support homeownership for individuals who might face barriers to purchasing their first home, and the agency is required to submit a report within two years analyzing the program's effectiveness, including data on recipients' race, ethnicity, and the impact on housing costs and homeownership.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A4098