| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Feb 26, 2024 |
reported and committed to finance |
| Jan 03, 2024 |
referred to housing, construction and community development |
| Apr 17, 2023 |
reported and committed to finance |
| Mar 21, 2023 |
print number 1447a |
| Mar 21, 2023 |
amend and recommit to housing, construction and community development |
| Jan 12, 2023 |
referred to housing, construction and community development |
Senate Bill S1447A
2023-2024 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
Actions
Votes
Bill Amendments
2023-S1447 - Details
2023-S1447 - Sponsor Memo
BILL NUMBER: S1447
SPONSOR: SANDERS
TITLE OF BILL:
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
PURPOSE OR GENERAL IDEA OF BILL:
To amend the private housing finance law, in relation to subsidizing
closing costs for low income tenants who are purchasing a home.
SUMMARY OF PROVISIONS:
Section 1 amends the private housing financing law by adding a new
section that defines low income or rent subsidized apartment as an indi-
vidual that receives State Funds used towards monthly amount of rent
owed. It also states that New York State will subsidize a portion of the
closing costs required of any buyer who is purchasing a home located
within New York State if they meet the following conditions; buyer is a
resident for 5 years prior to purchase agreement and buyer is a resident
2023-S1447 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1447
2023-2024 Regular Sessions
I N S E N A T E
January 12, 2023
___________
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 611 to read as follows:
§ 611. 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.
LBD04754-01-3
co-Sponsors
(D, WF) 31st Senate District
2023-S1447A (ACTIVE) - Details
2023-S1447A (ACTIVE) - Sponsor Memo
BILL NUMBER: S1447A
SPONSOR: SANDERS
TITLE OF BILL:
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
PURPOSE OR GENERAL IDEA OF BILL:
To amend the private housing finance law, in relation to subsidizing
closing costs for low income tenants who are purchasing a home.
SUMMARY OF PROVISIONS:
Section 1 amends the private housing financing law by adding a new
section that defines low income or rent subsidized apartment as an indi-
vidual that receives State funds used towards monthly amount of rent
owed. It also states that New York State will subsidize a portion of the
closing costs required of any buyer who is purchasing a home located
within New York State if they meet the following conditions; buyer is a
resident for 5 years prior to purchase agreement and buyer is a resident
2023-S1447A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1447--A
2023-2024 Regular Sessions
I N S E N A T E
January 12, 2023
___________
Introduced by Sen. SANDERS -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
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 611 to read as follows:
§ 611. 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 DIVISION OF HOUSING AND COMMUNITY RENEWAL SHALL CREATE THE
PROCESS, ACCESS THE APPLICATIONS, DISTRIBUTE THE FUNDS AND PROVIDE ANY
OTHER ADMINISTRATIVE FUNCTIONS FOR THE TENANT TO HOMEOWNERSHIP INITI-
ATIVE. 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04754-02-3
S. 1447--A 2
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