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Senate Bill S665

2021-2022 Legislative Session

Subsidizes closing costs for low income current tenants who are purchasing a home

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2021-S665 (ACTIVE) - Details

See Assembly Version of this Bill:
A3838
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Add §610, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7721, A8490
2023-2024: S1447, A2600
2025-2026: S3068, A8107

2021-S665 (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.

2021-S665 (ACTIVE) - Sponsor Memo

2021-S665 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    665
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 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.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03185-01-1

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