What's happening
This bill creates a pilot program to help underrepresented New Yorkers buy homes through outreach, education, and increased financial assistance.
Why it matters
Targets historic inequities. By focusing on groups who have been historically underrepresented in homeownership or have seen recent declines, the program aims to address longstanding racial, ethnic, and economic disparities in asset building and housing stability.
Significantly increases financial support. The bill allows for downpayment assistance of up to $75,000 per eligible homebuyer in the pilot areas—a substantial sum that could make homeownership feasible for many who would otherwise be excluded due to lack of generational wealth or savings.
Leverages local expertise and support systems. By working with an existing network of nonprofit housing organizations for education, counseling, and outreach, the program not only delivers financial help but also equips participants with tools for sustainable homeownership, potentially reducing the risk of foreclosure.
Creates a replicable model. By requiring a detailed report on the program’s status, implementation, and outcomes, the legislation builds in accountability and provides a foundation for expanding successful strategies statewide if the pilot proves effective.
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Who cares
Headline styles
Help More People Buy Homes
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5748
2019-2020 Regular Sessions
IN SENATE
May 14, 2019
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development
AN ACT to create a pilot program to encourage homeownership among persons and groups who are currently underrepresented in homeownership and/or have seen a marked decline in rates of homeownership over the last decade; and providing for the repeal of such provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Notwithstanding any other provision of law to the contrary, the division of homes and community renewal, in conjunction with the office of community renewal and the affordable housing corporation, shall conduct a pilot program to provide people in New York state who are presently and who have been historically underrepresented in homeownership with the resources they need, including outreach, education, and financial assistance, to achieve the dream of homeownership in a sustainable manner.
§ 2. Such pilot program shall be conducted in three areas around our state that have seen declines in homeownership among underrepresented persons and groups. The division of homes and community renewal shall choose the three areas in which the pilot program will be conducted, considering such factors including, but not limited to, population growth among underrepresented persons or groups that is not reflected in an increase in homeownership among those same persons and groups, population changes that have resulted in displacement of underrepresented persons and groups, and declines in homeownership among underrepresented persons or groups during the period since the financial crisis of 2008.
§ 3. Such pilot program shall make use of up to two million dollars of existing funding from the affordable housing corporation, section 45-b of the private housing finance law, to ensure equity in the utilization
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11700-01-9
S. 5748 2
of currently available downpayment assistance funding and to promote homeownership more broadly to low- and moderate-income residents of New York state, and shall increase the amount of the downpayment assistance to up to $75,000 per eligible homebuyer as is needed and deemed necessary without imposing an increase to the existing regulatory period.
§ 4. The division of homes and community renewal shall also utilize the state's existing network of nonprofit housing organizations, including, but not limited to, the Neighborhood and Rural Preservation Companies, local community development corporations, and other communitybased housing organizations, that provide financial management and housing counseling services to support low- and moderate-income homebuyers.
§ 5. The division of homes and community renewal shall issue a joint report on the status of the pilot program to the chair of the New York state senate standing committee on housing, construction and community development, and the chair of the New York state assembly standing committee on housing by December 31, 2019.
§ 6. Such report shall include, but not be limited to, the status of the program, the areas identified for the pilot, the nonprofit housing organizations identified as service providers, and the number of people participating in the program.
§ 7. This act shall take effect immediately and shall expire April 1, 2020 when upon such date the provisions of this act shall be deemed repealed.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to create a pilot program to encourage homeown- ership among persons and groups who are currently underrepresented in homeownership and/or have seen a marked decline in rates of homeowner- ship over the last decade; and providing for the repeal of such provisions upon expiration thereof
Purpose or general idea
Relates to affordable housing corporation grants by increasing the amount that can be granted through acquisition and rehabilitation for the purpose of downpayment assistance.
Summary of specific provisions
Section 1. Increases subsidy availability for projects in high cost markets for the purposes of acquisition and rehabilitation from $40,000 per dwelling unit to up to $75,000 per dwelling unit.
Section 2. Clarifies the geographic scope of the pilot and who shall be served through the pilot.
Section 3. Sets the amount of funding to be made available for the pilot and for what purposes.
Section 4. Enumerates other organizations that may participate in this program.
Sections 5 & 6. Details reporting requirements. Section 7. Effective Date.
Justification
The New York State Affordable Housing Corporation ("AMC") is a public benefit corporation, established in 1965 pursuant to
Section 45-b of the Private Housing Finance Law ("PHFL") as a subsidiary of the New York State Housing Finance Agency ("HFA"), to administer the Affordable Home Ownership Development Program ("Program") under PHFL Article 19. The purpose of the Pilot is to promote homeownership by persons of low aid moderate income who have seen their opportunities for homeownership diminish in recent years due to the escalating cost of housing, which has not kept pace with incomes. Homeownership is a key component for the stabilization and preservation of neighborhoods and communities. To achieve these goals, AHC provides financial assistance, in conjunction with other private and public investment, for the construction, acquisition, rehabilitation and improvement of owner-occu- pied housing. This bill would support affordable homeownership.
Prior legislative history
New Bill; May of 2019.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and expire April 1, 2020.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.