BILL NUMBER: S9913
SPONSOR: COONEY
 
TITLE OF BILL:
An act to amend the private housing finance law, in relation to estab-
lishing the New York state first home grant program; and to amend the
tax law, in relation to excluding the amount of any grant to any first
time home buyer awarded or any federal first time home buyer grant
program from taxable income for the purpose of calculating New York
adjusted gross income
 
SUMMARY OF PROVISION:
Section 1- This act shall be known and may be cited as the "Home Owner-
ship Market Expansion Act" or "HOME Act."
Section 2 establishes the New York State First Home Grant Program, which
provides $10,000 to any first time home buyer for costs associated with
acquiring a residence. Such program requires the home buyer to maintain
residence at the property for five years, or pay back the difference
upon transferring primary residence.
Section 3 amends section 612 of the tax law to exempt any grant received
pursuant to this grant program or any similar federal program from being
included in state tax calculations.
Section 4 is the effective date.
 
JUSTIFICATION:
Leaders at all levels of government across the country are recognizing
both the need for increased housing stock and the need to provide finan-
cial support for first time homebuyers. As the national focus rightfully
turns its attention to alleviating the housing crisis, New York must
stand ready to complement efforts at the federal level to make the dream
of owning a home a reality for all New Yorkers.
One of the best ways we can accomplish this is through homeownership, a
lasting investment that allows families to set the next generation up
for future success. This is only becoming more apparent with each pass-
ing year. Over the past three decades, the average wealth gap between
homeowners and renters increased more than 250 percent, a stark reminder
of the opportunities granted to homeowners, but also of the disadvan-
tages faced by renters who do not have the resources to buy a home.
This bill, known as the Home Ownership Market Expansion Act, or HOME
Act, would create a first time home buyer grant program. This program
would complement federal efforts by providing an additional $10,000 for
New Yorkers to assist with costs for first time homeowners. It's our
responsibility to take action on all levels of government to help our
communities achieve the American dream and New York has a unique oppor-
tunity to lead the way.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATION FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately on the one hundred eightieth day
after it shall have become a law; provided, however, that effective
immediately, the commissioner of the division of housing and community
renewal and the comptroller are authorized to promulgate any rules or
regulations necessary to implement the provisions of this act on its
effective date on or before such date.

Statutes affected:
S9913: 612 tax law, 612(c) tax law