Assembly Bill A8490

2019-2020 Legislative Session

Relates to subsidizing closing costs for low income current tenants who are purchasing a home

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A8490 (ACTIVE) - Details

See Senate Version of this Bill:
S7721
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §610, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2021-2022: A3838, S665
2023-2024: A2600, S1447

2019-A8490 (ACTIVE) - Summary

Calls for the state to subsidize a portion of closing costs for certain individuals who have been tenants of public housing projects or rent subsidized housing for the previous five years.

2019-A8490 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8490
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 7, 2019
                                ___________
 
 Introduced  by M. of A. VANEL -- read once and referred to the Committee
   on Housing
 
 AN ACT to amend the private housing finance law, in relation  to  subsi-
   dizing closing costs for low income tenants who are purchasing a home
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The private housing finance law is amended by adding a  new
 section 610 to read as follows:
   §  610.  TENANT  TO  HOMEOWNERSHIP INITIATIVE. 1. FOR PURPOSES OF THIS
 SECTION, "LOW INCOME OR RENT SUBSIDIZED APARTMENT" SHALL MEAN AN  APART-
 MENT  IN  WHICH  THE  TENANT'S  HOUSEHOLD INCOME LEVEL QUALIFIES THEM TO
 RECEIVE STATE FUNDS USED TOWARDS THE MONTHLY AMOUNT OF RENT OWED.
   2. THE STATE SHALL SUBSIDIZE A PORTION OF THE CLOSING  COSTS  REQUIRED
 OF  ANY  BUYER WHO IS PURCHASING A HOME LOCATED WITHIN THE STATE IF THEY
 SHALL MEET THE FOLLOWING REQUIREMENTS:
   (A) THE BUYER HAS BEEN A RESIDENT OF THE STATE FOR FIVE YEARS PRIOR TO
 ENTERING INTO A PURCHASE CONTRACT TO BUY A HOME; AND
   (B) THE BUYER HAS BEEN A TENANT OF A PUBLIC HOUSING PROJECT  OR  IN  A
 LOW  INCOME  OR  RENT SUBSIDIZED APARTMENT FOR THE ENTIRETY OF SUCH FIVE
 YEAR PERIOD.
   3. IF A BUYER MEETS  THE  REQUIREMENTS  OF  SUBDIVISION  TWO  OF  THIS
 SECTION,  THE STATE SHALL SUBSIDIZE THE FOLLOWING AMOUNTS FOR SUCH BUYER
 TO BE USED TOWARDS SUCH CLOSING COSTS:
   (A) ONE THOUSAND DOLLARS IF SUCH BUYER HAS RESIDED IN A PUBLIC HOUSING
 PROJECT; OR
   (B) FIVE HUNDRED DOLLARS IF SUCH BUYER HAS RESIDED IN A LOW INCOME  OR
 RENT SUBSIDIZED APARTMENT UNIT.
   4.  THIS  SECTION  SHALL APPLY ONLY TO BUYERS WHO RECEIVE APPROVAL AND
 ARE FINANCING SUCH PURCHASE  WITH  A  CONVENTIONAL  OR  FEDERAL  HOUSING
 ADMINISTRATION (FHA) LOAN.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13525-01-9

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