S3150 (2025-26 session)

NY State bill

Establishes the New York state first home grant program; directs the commissioner of homes and community renewal, in consultation with the state comptroller, to implement such program; provides assistance on behalf of a first time home buyer qualified for such program; and for costs in connection with the acquisition, involving an eligible mortgage loan, of an eligible home, including downpayment costs, closing costs, and costs to reduce the rates of interest on eligible mortgage loans; subsidies to make shared equity homes affordable to home buyers by discounting the price for which the home will be sold and to preserve the affordability of the home for subsequent home buyers; and pre-occupancy home modifications required to accommodate qualified home buyers or members of their household with disabilities; excludes the amount of any grant to any first time home buyer awarded or any federal first time home buyer grant program from taxable income for the purpose of calculating New York adjusted gross income.

Title
Establishes the New York state first home grant program
Type
New York State Senate bill
Session
2025-26 session
Status
In Senate Committee
Latest action date
2026-02-10
In committee
Finance
Introduced
2025-01-23
Same as
A787
Law section
Private Housing Finance Law

Sponsors

Co-sponsors

Heard in committee

Same as

Committee meetings

Committee meetings that took this bill up, from the Senate's published agendas. The Assembly does not publish its committee agendas in machine-readable form, so an Assembly committee's consideration of a bill is not on this list.

Sources