New York S 5131: Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented and/or have seen a marked decline in rates of homeownership

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S05131 Summary:

BILL NOS05131 

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SAME ASSAME AS A05749

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented in homeownership and/or have seen a marked decline in rates of homeownership over the last decade; provides for the repeal of such provisions upon the expiration thereof.

Go to top S05131 Actions:

BILL NOS05131 

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02/19/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS05131 Committee&nbspVotes:

Go to topS05131 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05131 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5131

 2025-2026 Regular Sessions

 IN SENATE

 February 19, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to create a pilot program to encourage homeownership among
 persons and groups who are currently underrepresented in homeownership
 and/or have seen a marked decline in rates of homeownership over the
 last decade; and providing for the repeal of such provisions upon
 expiration thereof

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

 1 Section 1. Notwithstanding any other provision of law to the contrary,
 2 the division of homes and community renewal, in conjunction with the
 3 office of community renewal and the affordable housing corporation,
 4 shall conduct a pilot program to provide people in New York state who
 5 are presently and who have been historically underrepresented in
 6 homeownership with the resources they need, including outreach, educa-
 7 tion, and financial assistance, to achieve the dream of homeownership in
 8 a sustainable manner.
 9 § 2. Such pilot program shall be conducted in three areas around our
 10 state that have seen declines in homeownership among underrepresented
 11 persons and groups. The division of homes and community renewal shall
 12 choose the three areas in which the pilot program will be conducted,
 13 considering such factors including, but not limited to, population
 14 growth among underrepresented persons or groups that is not reflected in
 15 an increase in homeownership among those same persons and groups, popu-
 16 lation changes that have resulted in displacement of underrepresented
 17 persons and groups, and declines in homeownership among underrepresented
 18 persons or groups during the period since the financial crisis of 2008.
 19 § 3. Such pilot program shall make use of up to $2,000,000 of existing
 20 funding from the affordable housing corporation, section 45-b of the
 21 private housing finance law, to ensure equity in the utilization of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05989-01-5

 S. 5131 2

 1 currently available downpayment assistance funding and to promote
 2 homeownership more broadly to low- and moderate-income residents of New
 3 York state, and shall increase the amount of the downpayment assistance
 4 to up to $75,000 per eligible homebuyer as is needed and deemed neces-
 5 sary without imposing an increase to the existing regulatory period.
 6 § 4. The division of homes and community renewal shall also utilize
 7 the state's existing network of nonprofit housing organizations, includ-
 8 ing, but not limited to, the Neighborhood and Rural Preservation Compa-
 9 nies, local community development corporations, and other community-
 10 based housing organizations, that provide financial management and
 11 housing counseling services to support low- and moderate-income homebuy-
 12 ers.
 13 § 5. The division of homes and community renewal shall issue a joint
 14 report on the status of the pilot program to the chair of the New York
 15 state senate standing committee on housing, construction and community
 16 development, and the chair of the New York state assembly standing
 17 committee on housing by December 31, 2025.
 18 § 6. Such report shall include, but not be limit