New York State Senate Advances Affordable Housing Measures, Incentives for First-Time Homebuyers

Senate Majority Leader speaks on affordable housing measures.

The New York State Senate today approved legislative measures to further ensure access to affordable housing for all New Yorkers. The package of bills works to address the needs of homeowners and renters. It establishes the New York State first home savings program to allow first-time homebuyers to open saving accounts that would be eligible for personal income deductions. It makes available free homeowner counseling and legal services through the state Homeownership Protection Program and implements a two-year look-back window for Senior Citizen (SCRIE) and Disability Rent (DRIE) increase exemptions to help ensure our state’s seniors and disabled community members can remain in their homes.

Senate Majority Leader Andrea Stewart-Cousins said, “Skyrocketing rents and rising home prices have placed an overwhelming burden on working families, seniors, and those wishing to buy their first home. Since 2019, the Senate Majority has prioritized access to affordable housing with legislative action to protect tenants, build more housing, and create opportunities for homeownership. With this legislative package, we are expanding on those efforts to ensure that renters can stay in their homes, seniors and individuals with disabilities receive the support they need, and first-time homebuyers have the resources to buy a home. Housing should be a source of stability, and we remain committed to ensuring all New Yorkers have access.”

Bill sponsor and Chair of the Senate Committee on Housing, Construction and Community Development, Senator Brian Kavanagh said, “This legislative package exemplifies our commitment to using every tool available to us to ensure that every New Yorker has access to a safe, stable, affordable home. I am proud to sponsor several of these bills, and to work closely with Majority Leader Andrea Stewart-Cousins, all of today’s bill sponsors, and every member of the Democratic Majority, as we continue to address the housing affordability crisis by protecting tenants and homeowners, securing housing for New Yorkers experiencing homelessness, and maintaining and expanding our housing supply.”

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