New York S 3150: Establishes the New York state first home grant program

Bill Text

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S03150 Summary:

BILL NOS03150 

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SAME ASSAME AS A00787

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SPONSORCOONEY

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COSPNSRADDABBO, BYNOE, COMRIE, JACKSON, WEBB

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MLTSPNSR

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Add Art 33 §§1300 - 1303, Priv Hous Fin L; amd §612, Tax L

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Establishes the New York state first home grant program; directs the commissioner of homes and community renewal, in consultation with the state comptroller, to implement such program; provides assistance on behalf of a first time home buyer qualified for such program; and for costs in connection with the acquisition, involving an eligible mortgage loan, of an eligible home, including downpayment costs, closing costs, and costs to reduce the rates of interest on eligible mortgage loans; subsidies to make shared equity homes affordable to home buyers by discounting the price for which the home will be sold and to preserve the affordability of the home for subsequent home buyers; and pre-occupancy home modifications required to accommodate qualified home buyers or members of their household with disabilities; excludes the amount of any grant to any first time home buyer awarded or any federal first time home buyer grant program from taxable income for the purpose of calculating New York adjusted gross income.

Go to top S03150 Actions:

BILL NOS03150 

&nbsp

01/23/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/10/2025REPORTED AND COMMITTED TO FINANCE

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

02/10/2026REPORTED AND COMMITTED TO FINANCE

Go to topS03150 Committee&nbspVotes:

Go to topS03150 Floor&nbspVotes:

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

Go to topS03150 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3150

 2025-2026 Regular Sessions

 IN SENATE

 January 23, 2025
 ___________

 Introduced by Sen. COONEY -- 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 estab-
 lishing the New York state first home grant program; and to amend the
 tax law, in relation to excluding the amount of any grant to any first
 time home buyer awarded or any federal first time home buyer grant
 program from taxable income for the purpose of calculating New York
 adjusted gross income

 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 "Home Ownership Market Expansion Act" or "HOME Act".
 3 § 2. The private housing finance law is amended by adding a new arti-
 4 cle 33 to read as follows:
 5 ARTICLE 33
 6 NEW YORK STATE FIRST HOME GRANT PROGRAM
 7 Section 1300. Program established.
 8 1301. Definitions.
 9 1302. Functions of the commissioner.
 10 1303. Program requirements.
 11 § 1300. Program established. Within amounts appropriated or otherwise
 12 available therefor, the division of homes and community renewal shall
 13 establish a first home grant program.
 14 § 1301. Definitions. As used in this article, the following terms
 15 shall have the following meanings:
 16 1. "First time home buyer" shall mean an individual or individuals, at
 17 least one of whom has not had an ownership interest in a principal resi-
 18 dence at any time, including residences owned in the United States or
 19 abroad. No such individual shall own any other home including vacation
 20 or investment residences, including residences owned in the United

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00343-01-5

 S. 3150 2

 1 States or abroad, except as otherwise provided in this subdivision. If
 2 an individual's only potentially disqualifying present ownership inter-
 3 est is ownership of a mobile or manufactured home, the individual shall
 4 be considered a first time home buyer. For the purposes of this article
 5 a "mobile or manufactured home" shall mean a structure that is valued as
 6 personal property and not real property. If, due to such individual's
 7 ownership of a mobile or manufactured home, such individual has claimed
 8 a real estate tax or home mortgage deduction on such individual's