Bill Text: NY S01212 | 2025-2026 | General Assembly | Introduced
Bill Title: Creates a middle income home ownership subsidy program to assist persons with an income below the current median income for the city of New York with the purchase of a residence in an urban area.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced) 2025-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S01212 Detail]
Download: New_York-2025-S01212-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1212 2025-2026 Regular Sessions IN SENATE January 8, 2025 ___________ Introduced by Sens. BAILEY, MAY, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the public housing law, in relation to creating a middle income home ownership subsidy program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The public housing law is amended by adding a new article 2 11-A to read as follows: 3 ARTICLE 11-A 4 MIDDLE INCOME HOME OWNERSHIP SUBSIDY 5 Section 250. Definitions. 6 251. Middle income home ownership subsidy program. 7 252. Applications. 8 253. Amount and procedure for middle income home ownership 9 subsidy payments. 10 254. Rules and regulations. 11 255. Funding for the middle income home ownership subsidy 12 program. 13 § 250. Definitions. For purposes of this article, the following terms 14 shall have the following meanings: 15 1. "Eligible unit" shall mean: 16 a. any (i) home with two or fewer units; (ii) condominium; or (iii) 17 cooperative; 18 b. where the purchase of such home, condominium, or cooperative is 19 provided for, insured, or guaranteed by the state or federal government; 20 c. located in an urban area as defined by the division. 21 2. "Qualified household" shall mean any person or their family member 22 who: 23 a. has an annual household income below the current median income for 24 the city of New York, provided, that any subsidy received as a result of EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03216-01-5S. 1212 2 1 a social program shall not be considered when calculating an individ- 2 ual's gross income. The division shall determine income eligibility of 3 home buyers using the income determination methodology utilized by the 4 United States department of housing and urban development in accordance 5 with their section 8 housing program. 6 b. does not currently own a housing unit, including a single family 7 house, condominium unit, cooperative unit, or rental unit that could be 8 owner occupied; 9 c. has not previously received home ownership assistance. 10 § 251. Middle income home ownership subsidy program. There is hereby 11 established a middle income home ownership subsidy program. The purpose 12 of the program is to provide financial assistance to middle income 13 households, with an annual income below the current median income for 14 the city of New York who do not currently own a home, to purchase an 15 eligible unit for purposes of rehabilitation and ownership. 16 § 252. Applications. 1. A qualified household must make an application 17 to the division to receive a home ownership subsidy. 18 2. The division shall approve an individual's application if it finds 19 that: 20 a. such individual is part of a qualified household as defined in 21 subdivision two of section two hundred fifty of this article; 22 b. the home to be purchased by the individual is an eligible unit as 23 defined in subdivision one of section two hundred fifty of this article; 24 c. the home to be purchased has been inspected by a division approved 25 home inspector; 26 d. the home to be purchased has been appraised at a value not exceed- 27 ing the maximum purchase price as set by the division. 28 3. If any qualified household that has been approved and is receiving 29 home ownership assistance payments defaults on its mortgage payment, 30 such home ownership subsidy payments shall automatically cease and be 31 terminated. 32 § 253. Amount and procedure for middle income home ownership subsidy 33 payments. Subsidy amounts under this program shall equal more than one 34 hundred twenty-five thousand dollars in the aggregate. 35 § 254. Rules and regulations. 1. The division is authorized to imple- 36 ment any rule or regulation necessary for the successful implementation 37 of this program. 38 2. The division may create any form and require any applicant to fill 39 out such form before receiving departmental approval for the home owner- 40 ship assistance payments. 41 3. The division may charge an application fee for the processing of a 42 household's home ownership assistance payment application. Such fee 43 shall not exceed one hundred dollars. 44 § 255. Funding for the middle income home ownership subsidy program. 45 Funding shall be obtained by using funds from the community development 46 block grant. 47 § 2. This act shall take effect on the one hundred eightieth day after 48 it shall have become a law. Effective immediately, the addition, amend- 49 ment and/or repeal of any rule or regulation necessary for the implemen- 50 tation of this act on its effective date are authorized to be made and 51 completed on or before such effective date.
