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History
- Notice of committee consideration - withdrawn
- Notice of committee consideration - requested
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes the home ownership assistance program
In Assembly Committee · Housing · Sponsor Keith L.T. Wright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public housing law, in relation to creating a home ownership assistance program
Purpose
To promote home ownership by providing assistance to persons with an annual household income under eighty percent of the median poverty level toward purchasing a home, condominium or cooperative.
Summary of provisions
Amends the Public Housing Law by adding a new Article IX entitled the "Home Ownership Assistance Program." The following new sections are created in this new article:
Read the full memo (724 words)
- §170 allows for the creation of the Home Ownership Program within the New York City Department of Housing Preservation and Development (HPD). It also defines the terms "eligible unit," "qualified household," and "qualified not-for-profit." A qualified household is any person or family with an annual household income under eighty percent of the median poverty level who has been employed for more than twelve months. Persons over the age of sixty-five years old and individuals who are disabled do not have to meet the employment requirement. Qualified households that are accepted into the program may purchase any home, condominium or cooperative that are within the price limit set in §172. Finally, this section also provides for qualified non-profits that have experience and the capacity to undertake a purchase for rehabilitation and resell to participate in the program.
- §171 sets forth the parameters of the Home Ownership Assistance Program by establishing a maximum purchase price, prohibits "overcrowding," and defines monthly home ownership expenses to include mortgage interest rates and insurance premiums, real estate taxes, home owners insurance and repairs. Provides that monthly expenses may not exceed thirty percent of the household gross monthly income.
-§172 established an application and review process. Qualified households must apply for home ownership assistance. Housing Units must meet the standards § 171(2). Upon approval, the applicant must attend "home ownership assistance counseling," which will include guidance in budgeting and home maintenance.
-§173 sets the amount and procedure for home ownership assistance payments. The maximum financial assistance under the Home Ownership Program may not exceed the total cost of acquisition and rehabilitation. Financial assistance shall be made available through a pro-rated loan. New York City Department of Housing Preservation and Development has the right to determine what qualifies as capital improvement and must be notified of such improvement prior to commencement of rehabilitation. The maximum assistance for qualified not-for-profit may not exceed twenty thousand per building. Subdivision three sets the guidelines for the reselling of the property.
-§174 sets forth the terms of assistance for non-profit organizations including the maximum amount of financial assistance available as defined in section 173, and allows the organization to manage the property during an interim period under a lease-to-own program. The purchaser must be located within twelve months from purchase by the non-profits and the initial occupant must qualify as an eligible household.
-§175 authorizes the New York City Department of Housing Preservation and Development to implement any rule or regulation necessary for the successful implementation of this program and sets an application fee for the Home Ownership Program of $100. -§176 defines the funding for the Home Ownership Assistance Program through the use of two percent of the funding allocated to the New York State Home Program and Community Development Block Grant to the program.
Justification
This legislation will create the Home Ownership Assistance program which will provide financial assistance to first time home buyers with an annual household income under eighty percent of the median poverty level to purchase a home, condominium or cooperative.
The United States Census Bureau 1999-2000 survey placed the poverty rate in New York City at 19.3% compared to that of the State of New York overall at 13.8%. Throughout New York City there is a lack of available affordable housing for low-income families. This legislation will allow qualified families to purchase a home condominium or cooperative within New York City, who otherwise would not be able to afford such purchases.
Legislative history
2007-08: S.2916 - Referred to Housing, Construction and Community Development 2005-06: S.1569 - Referred to Housing, Construction and Community Development
2003-04: S.2486 - Referred to Housing, Construction and Community Development 2002: S.6755--Referred to Housing, Construction and Community Development
Fiscal implications
To be determined.
Effective date
One hundred eighty days after 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.