New York A 8107: Subsidizes closing costs for low income current tenants who are purchasing a home

Bill Text

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A08107 Summary:

BILL NOA08107 

&nbsp

SAME ASSAME AS S03068

&nbsp

SPONSORVanel

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §615, Priv Hous Fin L

&nbsp

Calls for the state to subsidize a portion of closing costs for certain individuals who have been tenants of public housing projects or rent subsidized housing for the previous five years.

Go to top A08107 Actions:

BILL NOA08107 

&nbsp

04/30/2025referred to housing

01/07/2026referred to housing

Go to topA08107 Committee&nbspVotes:

Go to topA08107 Floor&nbspVotes:

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

Go to topA08107 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8107

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 30, 2025
 ___________

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

 AN ACT to amend the private housing finance law, in relation to subsi-
 dizing closing costs for low income tenants who are purchasing a home

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

 1 Section 1. The private housing finance law is amended by adding a new
 2 section 615 to read as follows:
 3 § 615. Tenant to homeownership initiative. 1. For purposes of this
 4 section, "low income or rent subsidized apartment" shall mean an apart-
 5 ment in which the tenant's household income level qualifies them to
 6 receive state funds used towards the monthly amount of rent owed.
 7 2. The division of housing and community renewal shall create the
 8 process, access the applications, distribute the funds and provide any
 9 other administrative functions for the tenant to homeownership initi-
 10 ative. The state shall subsidize a portion of the closing costs
 11 required of any buyer who is purchasing a home located within the state
 12 if they shall meet the following requirements:
 13 (a) the buyer has been a resident of the state for five years prior to
 14 entering into a purchase contract to buy a home; and
 15 (b) the buyer has been a tenant of a public housing project or in a
 16 low income or rent subsidized apartment for the entirety of such five
 17 year period.
 18 3. If a buyer meets the requirements of subdivision two of this
 19 section, the state shall subsidize the following amounts for such buyer
 20 to be used towards such closing costs:
 21 (a) one thousand dollars if such buyer has resided in a public housing
 22 project; or
 23 (b) five hundred dollars if such buyer has resided in a low income or
 24 rent subsidized apartment unit.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05925-01-5

 A. 8107 2

 1 4. This section shall apply only to buyers who receive approval and
 2 are financing such purchase with a conventional or federal housing
 3 administration (FHA) loan.
 4 5. The state shall claw back any subsidized amount provided to any
 5 buyer who qualified and received such subsidized amount from the state
 6 under this section if such buyer sells or transfers the title of the
 7 subject property within a period of three years from the date of clos-
 8 ing.
 9 § 2. This act shall take effect immediately.

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