New York A 4089: Establishes the first-time homebuyer assistance program within the state of New York mortgage agency

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A04089 Summary:

BILL NOA04089 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORCunningham

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §2429-g, Pub Auth L

&nbsp

Establishes the first-time homebuyer assistance program within the state of New York mortgage agency to provide assistance to first-time homebuyers of certain residential units.

Go to top A04089 Actions:

BILL NOA04089 

&nbsp

01/31/2025referred to housing

01/07/2026referred to housing

Go to topA04089 Committee&nbspVotes:

Go to topA04089 Floor&nbspVotes:

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

Go to topA04089 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4089

 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-time 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 2429-g to read as follows:
 3 § 2429-g. First-time homebuyer assistance program. (1) The agency is
 4 hereby authorized and directed to create, manage, and maintain the
 5 "first-time homebuyer assistance program". The agency shall make such
 6 rules and regulations as are necessary to implement the first-time home-
 7 buyer assistance program. The purpose of the program shall be to provide
 8 assistance to first-time homebuyers of certain residential units.
 9 (2) For purposes of this section:
 10 (a) "First-time homebuyer" means a person who has not owned a primary
 11 residential property and is not married to a person who has owned a
 12 residential property during the three-year period prior to their
 13 purchase of the primary residential property, and who does not own a
 14 vacation or investment home.
 15 (b) "Program" means the first-time homebuyer assistance program.
 16 (c) "Program funds" means money appropriated for the program.
 17 (d) "Qualifying mortgage loan" means a mortgage loan that:
 18 (i) is purchased by the agency; and
 19 (ii) is subject to a document that is recorded in the office of the
 20 county clerk of the county in which the residential unit is located.
 21 (e) "Qualifying residential unit" means a residential unit that:
 22 (i) is located in the state of New York;
 23 (ii) is new construction or newly constructed but not yet inhabited;
 24 (iii) is financed by a qualifying mortgage loan;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06550-01-5

 A. 4089 2

 1 (iv) is owner-occupied upon purchase; and
 2 (v) is purchased for an amount that does not exceed:
 3 (A) four hundred fifty thousand dollars; or
 4 (B) if applicable, the maximum purchase price established by the agen-
 5 cy under subdivision six of this section.
 6 (f) "Recipient" means a first-time homebuyer who received program
 7 funds.
 8 (g) "Residential unit" includes a house, condominium, townhome, manu-
 9 factured or modular home that is attached to a permanent foundation, or
 10 similar residential structure that serves as a one-unit dwelling.
 11 (h) "Home equity amount" means the difference between:
 12 (i) (A) in the case of a sale, the sales price for which the qualify-
 13 ing residential unit is sold by the recipient in a bona fide sale to a
 14 third party with no right to repurchase; or
 15 (B) in the case of a refinance, the current appraised value of the
 16 qualifying residential unit; and
 17 (ii) the total payoff amount of any qualifying mortgage loan that was
 18 used to finance the purchase of the qualifying residential unit.
 19 (3) The maximum amount of program funds that a first-time homebuyer
 20 may receive under the program shall be twenty thousand dollars.
 21 (4) (a) A recipient may use program funds to pay for:
 22 (i) the down payment on a qualifying residential unit;
 23 (ii) closing costs associated with the purchase of a qualifying resi-
 24 dential unit;
 25 (iii) a permanent reduction in the advertised par interest rate on a
 26 qualifying mortgage loan that is used to finan