New York Senate Bill S01447 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1447--A 2023-2024 Regular Sessions  IN SENATE January 12, 2023 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the private housing finance law, in relation to subsi- dizing closing costs for low income tenants who are purchasing a home The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The private housing finance law is amended by adding a new 2 section 611 to read as follows: 3 § 611. Tenant to homeownership initiative. 1. For purposes of this 4 section, "low income or rent subsidized apartment" shall mean an apart- 5 ment in which the tenant's household income level qualifies them to 6 receive state funds used towards the monthly amount of rent owed. 7 2. The division of housing and community renewal shall create the 8 process, access the applications, distribute the funds and provide any 9 other administrative functions for the tenant to homeownership initi- 10 ative. The state shall subsidize a portion of the closing costs 11 required of any buyer who is purchasing a home located within the state 12 if they shall meet the following requirements: 13 (a) the buyer has been a resident of the state for five years prior to 14 entering into a purchase contract to buy a home; and 15 (b) the buyer has been a tenant of a public housing project or in a 16 low income or rent subsidized apartment for the entirety of such five 17 year period. 18 3. If a buyer meets the requirements of subdivision two of this 19 section, the state shall subsidize the following amounts for such buyer 20 to be used towards such closing costs: 21 (a) one thousand dollars if such buyer has resided in a public housing 22 project; or EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04754-02-3 
 S. 1447--A 2 1 (b) five hundred dollars if such buyer has resided in a low income or 2 rent subsidized apartment unit. 3 4. This section shall apply only to buyers who receive approval and 4 are financing such purchase with a conventional or federal housing 5 administration (FHA) loan. 6 5. The state shall claw back any subsidized amount provided to any 7 buyer who qualified and received such subsidized amount from the state 8 under this section if such buyer sells or transfers the title of the 9 subject property within a period of three years from the date of clos- 10 ing. 11 § 2. This act shall take effect immediately.