Bill > S05131

This bill establishes a pilot program aimed at increasing homeownership among underrepresented groups in New York state who have experienced declining homeownership rates since the 2008 financial crisis. The program will be implemented by the Division of Homes and Community Renewal, working with the Office of Community Renewal and Affordable Housing Corporation, and will select three areas of the state with significant declines in homeownership among targeted populations. The pilot will utilize up to $2 million in existing funding to provide enhanced downpayment assistance of up to $75,000 per eligible homebuyer, and will leverage a network of nonprofit housing organizations to provide financial management and housing counseling services. The program will utilize existing nonprofit housing organizations, including Neighborhood and Rural Preservation Companies and local community development corporations, to support low and moderate-income potential homebuyers. By December 31, 2025, the Division of Homes and Community Renewal must submit a detailed report to state legislative housing committees describing the program's status, identified areas, service providers, and participant numbers. The pilot program will be in effect immediately and is set to expire on April 1, 2026.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S5131