BILL NUMBER: S3068
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
for 5 years and was tenant of public housing, low income, or rent subsi-
dized apartment for 5 years.
Section 1 also identifies the loans available and the quantity.
Section 2 sets the effective date as immediately.
 
JUSTIFICATION:
In New York State, the working poor and low income families seem to stay
in the same Socio-economic condition from generation to generation. Also
in New York, families in public housing and low income housing tend to
find it difficult to transition out of assisted rent subsidy. We must
find ways to help incentivize wealth building for the families. A major
factor that gets families in the middle-class is home ownership.
Homeownership in New York State is a pathway towards wealth accumu-
lation. This bill will help incentivize those families into becoming
homeowners.
 
PRIOR LEGISLATIVE HISTORY:
2021-22 REFERRED TO SENATE HOUSING, CONSTRUCTION AND COMMUNITY DEVELOP-
MENT
2021-22 referred to assembly housing
2020 REFERRED TO SENATE HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
2019-20 referred to assembly housing
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
N/A
 
EFFECTIVE DATE:
Effective Immediately