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Senate Bill S3068

2025-2026 Legislative Session

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

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Current Bill Status - In Senate Committee Finance Committee

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2025-S3068 (ACTIVE) - Details

See Assembly Version of this Bill:
A8107
Current Committee:
Senate Finance
Law Section:
Private Housing Finance Law
Laws Affected:
Add §615, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7721, A8490
2021-2022: S665, A3838
2023-2024: S1447, A2600

2025-S3068 (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.

2025-S3068 (ACTIVE) - Sponsor Memo

2025-S3068 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3068
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2025
                                ___________
 
 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 615 to read as follows:
   § 615. 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
   (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.
                                                            LBD05925-01-5

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