<STYLE><!--U {color: Green}S {color: RED} I {color: DARKBLUE; background-color:yellow} P.brk {page-break-before:always}--></STYLE> <BASEFONT SIZE=3> <PRE WIDTH="99"> <FONT SIZE=5><B> STATE OF NEW YORK</B></FONT> ________________________________________________________________________ 6290--A 2025-2026 Regular Sessions <FONT SIZE=5><B> IN ASSEMBLY</B></FONT> March 3, 2025 ___________ Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the Committee on Housing -- 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 estab- lishing the block by block homeownership program <B><U>The People of the State of New York, represented in Senate and Assem-</U></B> <B><U>bly, do enact as follows:</U></B> 1 Section 1. The private housing finance law is amended by adding a new 2 article 33 to read as follows: 3 <B><U>ARTICLE XXXIII</U></B> 4 <B><U>BLOCK BY BLOCK HOMEOWNERSHIP PROGRAM</U></B> 5 <B><U>Section 1300. Legislative purpose.</U></B> 6 <B><U>1301. Block by block homeownership program.</U></B> 7 <B><U>§ 1300. Legislative purpose. It is hereby declared and found that</U></B> 8 <B><U>there exists across upstate New York, and particularly in the cities of</U></B> 9 <B><U>Buffalo, Rochester, Syracuse, Albany, and Binghamton, a shortage of</U></B> 10 <B><U>affordable housing units available for purchase. It is further found</U></B> 11 <B><U>that homeownership is essential for building generational wealth, and</U></B> 12 <B><U>that the state therefore has an interest in promoting homeownership. In</U></B> 13 <B><U>order, further, to promote homeownership, it is hereby declared that</U></B> 14 <B><U>additional provisions should be made to provide public monies for the</U></B> 15 <B><U>purposes of constructing, preserving, and rehabilitating one- to two-fa-</U></B> 16 <B><U>mily dwellings on underutilized land throughout the state, with an</U></B> 17 <B><U>emphasis on the cities of Buffalo, Rochester, Syracuse, Albany, and</U></B> 18 <B><U>Binghamton for purchase by low and moderate income buyers. The necessi-</U></B> 19 <B><U>ty in the public interest for the provisions of this article is hereby</U></B> 20 <B><U>declared as a matter of legislative determination.</U></B> 21 <B><U>§ 1301. Block by block homeownership program. 1. The division of</U></B> 22 <B><U>housing and community renewal shall, subject to appropriation, develop a</U></B> 23 <B><U>program to make capital subsidies available for the purpose of</U></B> 24 <B><U>constructing, preserving, and rehabilitating one- to two-family dwell-</U></B> EXPLANATION--Matter in <B><U>italics</U></B> (underscored) is new; matter in brackets [<B><S> </S></B>] is old law to be omitted. LBD02989-03-5 </PRE><P CLASS="brk"><PRE WIDTH="99"> A. 6290--A 2 1 <B><U>ings outside of a city with a population of one million or more. The</U></B> 2 <B><U>commissioner shall promulgate rules and regulations sufficient for the</U></B> 3 <B><U>creation of a new program for the purpose of constructing, preserving,</U></B> 4 <B><U>and rehabilitating such one- to two-family dwellings.</U></B> 5 <B><U>2. Funding for the program created pursuant to this article shall, to</U></B> 6 <B><U>the extent practicable, be prioritized in the cities of Buffalo, Roches-</U></B> 7 <B><U>ter, Syracuse, Albany, and Binghamton for development on vacant, aban-</U></B> 8 <B><U>doned, or underutilized land owned by the municipality.</U></B> 9 <B><U>3. Dwellings created pursuant to this program shall be sold to a not-</U></B> 10 <B><U>for-profit corporation for the purpose of resale or individuals or fami-</U></B> 11 <B><U>lies who are low or moderate income, as determined by the division of</U></B> 12 <B><U>housing and community renewal, at the time of sale, who own no other</U></B> 13 <B><U>real property, and who intend to use the dwelling as their primary resi-</U></B> 14 <B><U>dence.</U></B> 15 <B><U>4. The division of housing and community renewal shall restrict any</U></B> 16 <B><U>subsequent deed of sale to an individual or family of low or moderate</U></B> 17 <B><U>income, as determined by the division of housing and community renewal,</U></B> 18 <B><U>who intends to make the dwelling their primary residence.</U></B> 19 <B><U>5. Nothing in this article shall preclude the use of additional loans</U></B> 20 <B><U>or grants in conjunction with this program.</U></B> 21 § 2. This act shall take effect immediately.