Bill Text: NY S05561 | 2023-2024 | General Assembly | Introduced
Bill Title: Creates 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; provides for the repeal of such provisions upon the expiration thereof.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2024-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S05561 Detail]
Download: New_York-2023-S05561-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5561 2023-2024 Regular Sessions IN SENATE March 8, 2023 ___________ 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 Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any other provision of law to the contrary, 2 the division of homes and community renewal, in conjunction with the 3 office of community renewal and the affordable housing corporation, 4 shall conduct a pilot program to provide people in New York state who 5 are presently and who have been historically underrepresented in 6 homeownership with the resources they need, including outreach, educa- 7 tion, and financial assistance, to achieve the dream of homeownership in 8 a sustainable manner. 9 § 2. Such pilot program shall be conducted in three areas around our 10 state that have seen declines in homeownership among underrepresented 11 persons and groups. The division of homes and community renewal shall 12 choose the three areas in which the pilot program will be conducted, 13 considering such factors including, but not limited to, population 14 growth among underrepresented persons or groups that is not reflected in 15 an increase in homeownership among those same persons and groups, popu- 16 lation changes that have resulted in displacement of underrepresented 17 persons and groups, and declines in homeownership among underrepresented 18 persons or groups during the period since the financial crisis of 2008. 19 § 3. Such pilot program shall make use of up to two million dollars of 20 existing funding from the affordable housing corporation, section 45-b 21 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. LBD03913-01-3S. 5561 2 1 of currently available downpayment assistance funding and to promote 2 homeownership more broadly to low- and moderate-income residents of New 3 York state, and shall increase the amount of the downpayment assistance 4 to up to $75,000 per eligible homebuyer as is needed and deemed neces- 5 sary without imposing an increase to the existing regulatory period. 6 § 4. The division of homes and community renewal shall also utilize 7 the state's existing network of nonprofit housing organizations, includ- 8 ing, but not limited to, the Neighborhood and Rural Preservation Compa- 9 nies, local community development corporations, and other community- 10 based housing organizations, that provide financial management and 11 housing counseling services to support low- and moderate-income homebuy- 12 ers. 13 § 5. The division of homes and community renewal shall issue a joint 14 report on the status of the pilot program to the chair of the New York 15 state senate standing committee on housing, construction and community 16 development, and the chair of the New York state assembly standing 17 committee on housing by December 31, 2023. 18 § 6. Such report shall include, but not be limited to, the status of 19 the program, the areas identified for the pilot, the nonprofit housing 20 organizations identified as service providers, and the number of people 21 participating in the program. 22 § 7. This act shall take effect immediately and shall expire April 1, 23 2024 when upon such date the provisions of this act shall be deemed 24 repealed.
