S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7862
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 28, 2021
                                ___________
 
 Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
   tee on Housing
 
 AN ACT to create  a  pilot  program  to  encourage  homeownership  among
   persons and groups who are currently underrepresented in homeownership
   and/or  have  seen a marked decline in rates of homeownership over the
   last decade; and providing for the  repeal  of  such  provisions  upon
   expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 the division of homes and community renewal,  in  conjunction  with  the
 office  of  community  renewal  and  the affordable housing corporation,
 shall conduct a pilot program to provide people in New  York  state  who
 are  presently  and  who  have  been  historically  underrepresented  in
 homeownership with the resources they need, including  outreach,  educa-
 tion, and financial assistance, to achieve the dream of homeownership in
 a sustainable manner.
   §  2.  Such pilot program shall be conducted in three areas around our
 state that have seen declines in  homeownership  among  underrepresented
 persons  and groups.   The division of homes and community renewal shall
 choose the three areas in which the pilot  program  will  be  conducted,
 considering  such  factors  including,  but  not  limited to, population
 growth among underrepresented persons or groups that is not reflected in
 an increase in homeownership among those same persons and groups,  popu-
 lation  changes  that  have resulted in displacement of underrepresented
 persons and groups, and declines in homeownership among underrepresented
 persons or groups during the period since the financial crisis of 2008.
   § 3. Such pilot program shall make use of up to two million dollars of
 existing funding from the affordable housing corporation,  section  45-b
 of  the private housing finance law, to ensure equity in the utilization
 of currently available downpayment assistance  funding  and  to  promote
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10124-01-1

 A. 7862                             2
 
 homeownership  more broadly to low- and moderate-income residents of New
 York state, and shall increase the amount of the downpayment  assistance
 to  up  to $75,000 per eligible homebuyer as is needed and deemed neces-
 sary without imposing an increase to the existing regulatory period.
   §  4.  The  division of homes and community renewal shall also utilize
 the state's existing network of nonprofit housing organizations, includ-
 ing, but not limited to, the Neighborhood and Rural Preservation  Compa-
 nies,  local  community  development  corporations, and other community-
 based housing  organizations,  that  provide  financial  management  and
 housing counseling services to support low- and moderate-income homebuy-
 ers.
   §  5.  The division of homes and community renewal shall issue a joint
 report on the status of the pilot program to the chair of the  New  York
 state  senate  standing committee on housing, construction and community
 development, and the chair of  the  New  York  state  assembly  standing
 committee on housing by December 31, 2021.
   §  6.  Such report shall include, but not be limited to, the status of
 the program, the areas identified for the pilot, the  nonprofit  housing
 organizations  identified as service providers, and the number of people
 participating in the program.
   § 7. This act shall take effect immediately and shall expire April  1,
 2022  when  upon  such  date  the provisions of this act shall be deemed
 repealed.