Bill Text: NY S03150 | 2025-2026 | General Assembly | Introduced


Bill Title: Establishes the New York state first home grant program; directs the commissioner of homes and community renewal, in consultation with the state comptroller, to implement such program; provides assistance on behalf of a first time home buyer qualified for such program; and for costs in connection with the acquisition, involving an eligible mortgage loan, of an eligible home, including downpayment costs, closing costs, and costs to reduce the rates of interest on eligible mortgage loans; subsidies to make shared equity homes affordable to home buyers by discounting the price for which the home will be sold and to preserve the affordability of the home for subsequent home buyers; and pre-occupancy home modifications required to accommodate qualified home buyers or members of their household with disabilities; excludes the amount of any grant to any first time home buyer awarded or any federal first time home buyer grant program from taxable income for the purpose of calculating New York adjusted gross income.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-01-23 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03150 Detail]

Download: New_York-2025-S03150-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          3150

                               2025-2026 Regular Sessions

                    IN SENATE

                                    January 23, 2025
                                       ___________

        Introduced  by  Sen.  COONEY -- 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 private housing finance law, in relation to estab-
          lishing the New York state first home grant program; and to amend  the
          tax law, in relation to excluding the amount of any grant to any first
          time  home  buyer  awarded  or any federal first time home buyer grant
          program from taxable income for the purpose of  calculating  New  York
          adjusted gross income

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "Home Ownership Market Expansion Act" or "HOME Act".
     3    §  2. The private housing finance law is amended by adding a new arti-
     4  cle 33 to read as follows:
     5                                 ARTICLE 33
     6                   NEW YORK STATE FIRST HOME GRANT PROGRAM
     7  Section 1300. Program established.
     8          1301. Definitions.
     9          1302. Functions of the commissioner.
    10          1303. Program requirements.
    11    § 1300. Program established. Within amounts appropriated or  otherwise
    12  available  therefor,  the  division of homes and community renewal shall
    13  establish a first home grant program.
    14    § 1301. Definitions. As used in  this  article,  the  following  terms
    15  shall have the following meanings:
    16    1. "First time home buyer" shall mean an individual or individuals, at
    17  least one of whom has not had an ownership interest in a principal resi-
    18  dence  at  any  time, including residences owned in the United States or
    19  abroad. No such individual shall own any other home  including  vacation
    20  or  investment  residences,  including  residences  owned  in the United

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00343-01-5

        S. 3150                             2

     1  States or abroad, except as otherwise provided in this  subdivision.  If
     2  an  individual's only potentially disqualifying present ownership inter-
     3  est is ownership of a mobile or manufactured home, the individual  shall
     4  be  considered a first time home buyer. For the purposes of this article
     5  a "mobile or manufactured home" shall mean a structure that is valued as
     6  personal property and not real property. If, due  to  such  individual's
     7  ownership  of a mobile or manufactured home, such individual has claimed
     8  a real estate tax  or  home  mortgage  deduction  on  such  individual's
     9  personal  income  tax returns, such individual shall not be considered a
    10  first time home buyer regardless of whether the mobile  or  manufactured
    11  home was considered personal or real property.
    12    2.  "Ownership  interest"  shall  mean  a fee simple interest, a joint
    13  tenancy, a tenancy in common, a tenancy by the entirety, the interest of
    14  a tenant-share holder  in  a  cooperative,  a  life  estate  or  a  land
    15  contract.  Interests which do not constitute ownership interests include
    16  the  following:  (a) remainder interests, (b) a lease with or without an
    17  option to purchase, (c) a mere expectancy to inherit an  interest  in  a
    18  residence,  (d) the interest that a purchaser of a residence acquires on
    19  the execution of a purchase contract and (e) an interest in real  estate
    20  other than a residence.
    21    3.  "Program"  shall mean the New York first home grant program estab-
    22  lished pursuant to this article.
    23    § 1302. Functions of the commissioner. 1. The commissioner, in consul-
    24  tation with the state comptroller, shall implement the program under the
    25  terms and conditions established by this article.
    26    2. In furtherance of such implementation the commissioner shall:
    27    (a) develop and implement the program in a manner consistent with  the
    28  provisions  of this article through rules and regulations established in
    29  accordance with the state administrative procedure act;
    30    (b) engage the services of consultants on a contract basis for render-
    31  ing professional and technical assistance and advice;
    32    (c) make changes to the program required for the participants  in  the
    33  program to obtain the state benefits or treatment provided by this arti-
    34  cle;
    35    (d) charge, impose and collect administrative fees and service charges
    36  in  connection  with  any agreement, contract or transaction relating to
    37  the program;
    38    (e) develop marketing plans and promotion materials;
    39    (f) establish the methods by which the grants be dispersed;
    40    (g) establish the method by which funds shall be allocated to pay  for
    41  administrative costs; and
    42    (h)  do  all  things necessary and proper to carry out the purposes of
    43  this article.
    44    § 1303. Program requirements. 1. Amounts from a grant under this arti-
    45  cle shall be used only to provide assistance:
    46    (a) on behalf of a first time home buyer qualified under this article;
    47  and
    48    (b) for:
    49    (i) costs in connection with the acquisition,  involving  an  eligible
    50  mortgage loan, of an eligible home, including downpayment costs, closing
    51  costs,  and  costs  to reduce the rates of interest on eligible mortgage
    52  loans;
    53    (ii) subsidies to make shared equity homes affordable to  home  buyers
    54  by discounting the price for which the home will be sold and to preserve
    55  the affordability of the home for subsequent home buyers; and

        S. 3150                             3

     1    (iii)  pre-occupancy home modifications required to accommodate quali-
     2  fied home buyers or members of the home buyer's household with disabili-
     3  ties.
     4    2. Any grant awarded pursuant to this article:
     5    (a)  may be provided on behalf of any first time home buyer only once;
     6  and
     7    (b) shall be in the total amount of ten thousand dollars.
     8    3. Grant amounts received by a first time home buyer pursuant to  this
     9  article  shall  be  considered  to supplement any other state or federal
    10  assistance provided to such home buyer for the acquisition of such home.
    11    4. Any first time home buyer awarded a grant pursuant to this  article
    12  shall maintain primary residence at such property for a five year period
    13  following  acquisition  of such property. The commissioner shall require
    14  that any first time home buyer awarded a grant pursuant to this  article
    15  who  fails  or ceases to occupy the property acquired using such assist-
    16  ance as the primary residence of such home buyer, except in the case  of
    17  assistance provided in connection with the purchase of a principal resi-
    18  dence  through  a  shared  equity homeownership program, such home buyer
    19  shall repay to the commissioner a proportional amount of the  assistance
    20  such home buyer receives based on the number of years the home buyer has
    21  occupied the eligible home.
    22    § 3. Subsection (c) of section 612 of the tax law is amended by adding
    23  a new paragraph 48 to read as follows:
    24    (48)  The  amount  of  any  grant to any first time home buyer awarded
    25  pursuant to article thirty-three of the private housing finance  law  or
    26  any  federal first time home buyer grant program shall not be considered
    27  taxable income for the purpose of calculating New  York  adjusted  gross
    28  income,  irrespective  of  whether  it  is considered taxable income for
    29  federal income tax purposes.
    30    § 4. This act shall take effect on the one hundred eightieth day after
    31  it shall have become a law. Effective immediately, the  commissioner  of
    32  the  division  of  housing and community renewal and the comptroller are
    33  authorized to promulgate any rules or regulations necessary to implement
    34  the provisions of this act on its  effective  date  on  or  before  such
    35  effective date.
feedback