New York S 8675: Enacts the CareForce first-time homebuyers act

Bill Text

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S08675 Summary:

BILL NOS08675 

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SAME ASSAME AS A10449

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SPONSORFAHY

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COSPNSRCOMRIE, SCARCELLA-SPANTON, SUTTON

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MLTSPNSR

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Amd §2404, add §2405-g, Pub Auth L

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Establishes the CareForce first-time homebuyers program under which certain first-time homebuyers may receive below-market mortgage financing and forgivable down payment assistance.

Go to top S08675 Actions:

BILL NOS08675 

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01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

03/24/2026REPORTED AND COMMITTED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

04/20/2026REPORTED AND COMMITTED TO FINANCE

Go to topS08675 Committee&nbspVotes:

Go to topS08675 Floor&nbspVotes:

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

Go to topS08675 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8675

 IN SENATE

 January 7, 2026
 ___________

 Introduced by Sen. FAHY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the public authorities law, in relation to "CareForce
 first-time homebuyers act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "CareForce first-time homebuyers act".
 3 § 2. Legislative findings and intent. The legislature hereby finds
 4 that the affordability crisis facing New York's care workforce, includ-
 5 ing direct support professionals, certified nursing assistants, nurses,
 6 behavioral health and human services staff, and early intervention and
 7 special education therapists--threatens workforce stability and quality
 8 of care for vulnerable populations. Stable homeownership near places of
 9 work improves retention, reduces turnover, and supports community inte-
 10 gration. The state of New York mortgage agency is therefore directed to
 11 establish a dedicated program to provide discounted financing and
 12 forgivable down payment assistance to this workforce.
 13 § 3. Section 2404 of the public authorities law is amended by adding a
 14 new subdivision 34 to read as follows:
 15 (34) To establish and administer the CareForce firt-time homebuyers
 16 program pursuant to section twenty-four hundred five-g of this part.
 17 § 4. The public authorities law is amended by adding a new section
 18 2405-g to read as follows:
 19 § 2405-g. CareForce first-time homebuyers program. (1) Definitions.
 20 For the purposes of this section, the following terms shall have the
 21 following meanings:
 22 (a) "Program" means the CareForce first-time homebuyers program estab-
 23 lished pursuant to subdivision two of this section.
 24 (b) "Eligible borrower" means an eligible borrower as described under
 25 subdivision three of this section.
 26 (c) "Qualifying care workforce occupation" means healthcare workers,
 27 determined by the commissioner of housing and community renewal, in

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14254-01-5

 S. 8675 2

 1 consultation with the commissioner of the department of health, the
 2 commissioner of the office for people with developmental disabilities,
 3 the commissioner of the office of mental health, the commissioner of the
 4 office of addiction services and supports, the commissioner of the
 5 office of children and family services, and shall include but not be
 6 limited to direct support professionals, certified nursing assistants,
 7 licensed practical nurses, registered nurses, behavioral health or human
 8 services staff, and early intervention and special education therapists.
 9 2. Establishment. The division of housing and community renewal shall
 10 establish a CareForce first-time homebuyers program to provide below-
 11 market mortgage financing and forgivable down payment assistance to
 12 eligible borrowers of the care workforce.
 13 3. Eligible borrowers. A borrower financing a mortgage shall be eligi-
 14 ble for the program if such borrower:
 15 (a) is a first-time homebuyer, as defined in section fourteen hundred
 16 forty of the tax law, or if otherwise permitted by federal law;
 17 (b) has household income and is