Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to housing |
Jan 28, 2021 |
referred to housing |
Assembly Bill A3838
2021-2022 Legislative Session
Sponsored By
VANEL
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2021-A3838 (ACTIVE) - Details
2021-A3838 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3838 2021-2022 Regular Sessions I N A S S E M B L Y January 28, 2021 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Housing 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 610 to read as follows: § 610. 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. LBD03185-01-1
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