New York A 3045: Establishes the new American homebuyer assistance program within the state of New York mortgage agency

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A03045 Summary:

BILL NOA03045 

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SAME ASSAME AS S04340

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SPONSORHyndman

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COSPNSR

&nbsp

MLTSPNSR

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Add §2428-b, Pub Auth L

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Establishes the New American homebuyer assistance program within the state of New York mortgage agency to assist first time homebuyers by imposing flexible documentation guidelines that take into account foreign documentation of income and assets.

Go to top A03045 Actions:

BILL NOA03045 

&nbsp

01/23/2025referred to housing

01/07/2026referred to housing

Go to topA03045 Committee&nbspVotes:

Go to topA03045 Floor&nbspVotes:

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

Go to topA03045 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3045

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 23, 2025
 ___________

 Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
 tee on Housing

 AN ACT to amend the public authorities law, in relation to establishing
 the new American homebuyer assistance program within the state of New
 York mortgage agency

 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. New American homebuyer assistance program. 1. Establish-
 4 ment. The agency is hereby authorized and directed to create, manage,
 5 and maintain the "new American homebuyer assistance program". The agen-
 6 cy shall make such rules and regulations as necessary to implement the
 7 new American homebuyer assistance program. The purpose of the program
 8 is to provide homebuyer assistance to eligible homebuyers purchasing
 9 their first residence by imposing flexible documentation guidelines that
 10 take into account foreign documentation of income and assets.
 11 2. Definitions. For purposes of this section:
 12 (a) "Residence" means a single-family home, a one to four family home,
 13 a condominium housing unit or a housing unit owned by a cooperative
 14 housing corporation, that is located within the state.
 15 (b) "Eligible homebuyer" means any person who (a) has not had any
 16 ownership interest in their primary residence that is located within the
 17 United States at any time during the three years prior to the date of
 18 making an application for an agency mortgage loan; (b) is currently a
 19 noncitizen admitted to the United States as a lawful permanent resident
 20 within the past ten years; and (c) at the time of making the loan appli-
 21 cation to the agency, does not own a vacation or investment home whether
 22 such vacation or investment home is owned in the United States or
 23 abroad. This includes a spouse or a single parent who has only owned
 24 with a former spouse while married.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05597-01-5

 A. 3045 2

 1 3. Program features and requirements. The agency shall create and
 2 implement the new American homebuyer assistance program subject to the
 3 following features and requirements:
 4 (a) flexible documentation requirements that take into account foreign
 5 documentation of income and assets;
 6 (b) household income eligibility income limits up to one hundred thir-
 7 ty percent of area median income;
 8 (c) debt to income calculations that include the borrower's actual
 9 student loan payments regardless of whether the payments will fully
 10 amortize the loan, regardless of whether the borrower is on an income-
 11 based or standard repayment plan;
 12 (d) student loan payments calculated at the average monthly payment
 13 amount made by the borrower during the preceding twelve months, or the
 14 borrower's current payment, whichever is higher;
 15 (e) loans will be offered for fixed interest rate, thirty-year terms
 16 only;
 17 (f) a loan-to-value ratio of ninety-seven percent;
 18 (g) no prepayment penalties shall be assessed to the borrower;
 19 (h) utilization of and full access to the agency down payment assist-
 20 ance program financing;
 21 (i) a call center to assist applicants;
 22 (j) call center translation services shall be made available to appli-
 23 cants in English, Spanish, and any other language that