New York Senate Bill S03068 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 3068 2025-2026 Regular Sessions  IN SENATE January 23, 2025 ___________ Introduced by Sen. SANDERS -- 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 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 615 to read as follows: 3 § 615. 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 23 (b) five hundred dollars if such buyer has resided in a low income or 24 rent subsidized apartment unit. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05925-01-5 
 S. 3068 2 1 4. This section shall apply only to buyers who receive approval and 2 are financing such purchase with a conventional or federal housing 3 administration (FHA) loan. 4 5. The state shall claw back any subsidized amount provided to any 5 buyer who qualified and received such subsidized amount from the state 6 under this section if such buyer sells or transfers the title of the 7 subject property within a period of three years from the date of clos- 8 ing. 9 § 2. This act shall take effect immediately.