Bill > A05749

This bill establishes a pilot program designed to increase homeownership among underrepresented groups in New York State who have experienced declining homeownership rates, particularly since the 2008 financial crisis. The Division of Homes and Community Renewal will select three areas for the program based on factors like population changes and displacement of underrepresented groups. The program will utilize up to $2 million from existing affordable housing funds to provide enhanced downpayment assistance of up to $75,000 per eligible homebuyer. It will leverage the state's network of nonprofit housing organizations, including Neighborhood and Rural Preservation Companies, to offer financial management and housing counseling services to low and moderate-income potential homebuyers. The division is required to issue a comprehensive report to state legislative housing committees by December 31, 2025, detailing the program's status, identified areas, service providers, and participant numbers. The pilot program will be in effect until April 1, 2026, after which its provisions will be automatically repealed, making it a time-limited initiative aimed at addressing homeownership disparities.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A5749