Bill > A08107

This bill proposes to create a new state initiative to help low-income tenants become homeowners by subsidizing a portion of their closing costs. Specifically, the bill would provide financial assistance to buyers who have been residents of New York for five years and have lived in either public housing projects or low-income/rent-subsidized apartments during that entire period. Qualifying buyers could receive either $1,000 if they lived in a public housing project or $500 if they lived in a low-income apartment, to be used towards closing costs when purchasing a home with a conventional or FHA (Federal Housing Administration) loan. The Division of Housing and Community Renewal would be responsible for administering the program. To prevent potential abuse, the bill includes a "clawback" provision that requires buyers to repay the subsidy if they sell or transfer the property within three years of purchase. The bill defines a low-income or rent-subsidized apartment as a rental unit where the tenant's household income qualifies them to receive state funds to help pay their rent, aiming to support long-term tenants in transitioning to homeownership.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8107