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History
- Referred to housing
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10651
Title of bill
An act to amend the private housing finance law and the state finance law, in relation to establishing the "Long Island next generation first-time homebuyer grant program"; making an appropriation therefor; and providing for the repeal of such provisions upon expira- tion thereof
Purpose or general idea of bill
To increase housing opportunities for first time home buyers.
Summary of specific provisions
The Private Housing Finance Law is amended by adding a new article 19-A. The State Finance Law is amended by adding a new section 99-r.
Justification
With limited housing opportunities available for first time homebuyers and with the lack of available land for construction, funds from the grant program will enable town, cities, and villages to purchase and create Next Generation first Time Home Buyer Homes that will be resold to eligible first time home buyers at a much reduced rate. These homes will always remain as this distinction and must be resold at a reduced price to another qualified first time homebuyer within five years.
Prior legislative history
A7691 - 2008; A3872 - 2009
Fiscal implications for state and local governments
Fifty million dollars
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.