New York A 4098: Establishes the first-generation homebuyer assistance program

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A04098 Summary:

BILL NOA04098 

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SAME ASNo Same As

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SPONSORCunningham

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COSPNSR

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MLTSPNSR

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Add §2428-b, Pub Auth L

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Establishes the first-generation homebuyer assistance program to provide a zero-interest, forgivable loan award in the amount of up to $15,000 to first-generation homebuyers.

Go to top A04098 Actions:

BILL NOA04098 

&nbsp

01/31/2025referred to housing

01/07/2026referred to housing

Go to topA04098 Committee&nbspVotes:

Go to topA04098 Floor&nbspVotes:

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

Go to topA04098 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4098

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 31, 2025
 ___________

 Introduced by M. of A. CUNNINGHAM -- read once and referred to the
 Committee on Housing

 AN ACT to amend the public authorities law, in relation to establishing
 the first-generation homebuyer assistance program

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

 1 Section 1. The public authorities law is amended by adding a new
 2 section 2428-b to read as follows:
 3 § 2428-b. First-generation homebuyer assistance program. 1. For the
 4 purposes of this section, the following terms shall have the following
 5 meanings:
 6 (a) "down payment assistance" or "assistance" means financial assist-
 7 ance for first-generation homebuyers to acquire single-family housing
 8 for their principal residence through the loan program;
 9 (b) "first-generation homebuyer" means a first-time homebuyer, who is:
 10 (i) an individual:
 11 (1) whose parents or legal guardians do not have any present ownership
 12 interest in any residential real property in any state or territory of
 13 the United States, or outside of the United States; and
 14 (2) whose spouse, or domestic partner, and each member of whose house-
 15 hold has not, during the three year period ending upon acquisition of
 16 the eligible home to be acquired using such assistance, had any present
 17 ownership interest in any residential real property used as their prin-
 18 cipal residence in any state or territory of the United States, or
 19 outside of the United States; or
 20 (ii) an individual who has at any time been placed in foster care in
 21 the state;
 22 (c) "first-time homebuyer" means a homebuyer who, in accordance with
 23 rules and regulations adopted by the agency, has not owned any residen-
 24 tial real property as their principal residence within the preceding
 25 three years, and is utilizing a mortgage product offered by the agency

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06544-01-5

 A. 4098 2

 1 through an agency homebuyer program to purchase single-family housing,
 2 and has a gross household income that does not exceed a limitation
 3 determined by the agency;
 4 (d) "principal residence" means a homestead that is actually and
 5 continually occupied as the permanent residence of a household, as
 6 distinguished from a vacation home, real property owned and rented or
 7 offered for rent by the household, or other secondary real property
 8 holdings; and
 9 (e) "single-family housing" means a one- to four-family residence, a
 10 condominium unit, a cooperative unit, a combination of a manufactured
 11 housing and lot, or a manufactured housing lot.
 12 2. (a) There is established in the agency a zero-interest, forgivable
 13 loan program to provide down payment assistance for first-generation
 14 homebuyers to achieve homeownership. The loan program shall provide down
 15 payment assistance to defray the costs associated with acquiring
 16 single-family housing for a principal residence, as provided for in
 17 paragraph (b) of this subdivision. A first-generation homebuyer shall
 18 commit to use the home as their principal residence for five years
 19 following the purchase of the home. The agency shall forgive the loan,
 20 provided that the five-year commitment is satisfied and the first-gener-
 21 ation homebuyer meets the other requirements established pursuant to
 22 this section.
 23 (b) (i) The down payment assistance provided pursuant to this section
 24 shall be in the form of a zero-interes