NY State Senate Bill 2023-S9913

Current Bill Status - In Senate Committee Rules 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Sep 16, 2024	referred to rules

2023-S9913 (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Private Housing Finance Law
Laws Affected:: Add Art 33 §§1300 - 1303, Priv Hous Fin L; amd §612, Tax L

2023-S9913 (ACTIVE) - Summary

Establishes the New York state first home grant program; directs the commissioner of homes and community renewal, in consultation with the state comptroller, to implement such program; provides assistance on behalf of a first time home buyer qualified for such program; and for costs in connection with the acquisition, involving an eligible mortgage loan, of an eligible home, including downpayment costs, closing costs, and costs to reduce the rates of interest on eligible mortgage loans

2023-S9913 (ACTIVE) - Sponsor Memo

                                 
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.

2023-S9913 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9913
 
                             I N  S E N A T E
 
                            September 16, 2024
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "Home Ownership Market Expansion Act" or "HOME Act".
   § 2. The private housing finance law is amended by adding a new  arti-
 cle 33 to read as follows:
                                ARTICLE 33
                  NEW YORK STATE FIRST HOME GRANT PROGRAM
 SECTION 1300. PROGRAM ESTABLISHED.
         1301. DEFINITIONS.
         1302. FUNCTIONS OF THE COMMISSIONER.
         1303. PROGRAM REQUIREMENTS.
   §  1300. PROGRAM ESTABLISHED. WITHIN AMOUNTS APPROPRIATED OR OTHERWISE
 AVAILABLE THEREFOR, THE DIVISION OF HOMES AND  COMMUNITY  RENEWAL  SHALL
 ESTABLISH A FIRST HOME GRANT PROGRAM.
   §  1301.  DEFINITIONS.  AS  USED  IN THIS ARTICLE, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1. "FIRST TIME HOME BUYER" SHALL MEAN AN INDIVIDUAL OR INDIVIDUALS, AT
 LEAST ONE OF WHOM HAS NOT HAD AN OWNERSHIP INTEREST IN A PRINCIPAL RESI-
 DENCE AT ANY TIME, INCLUDING RESIDENCES OWNED IN THE  UNITED  STATES  OR
 ABROAD.  NO  SUCH INDIVIDUAL SHALL OWN ANY OTHER HOME INCLUDING VACATION
 OR INVESTMENT RESIDENCES,  INCLUDING  RESIDENCES  OWNED  IN  THE  UNITED
 STATES  OR  ABROAD, EXCEPT AS OTHERWISE PROVIDED IN THIS SUBDIVISION. IF
 AN INDIVIDUAL'S ONLY POTENTIALLY DISQUALIFYING PRESENT OWNERSHIP  INTER-
 EST  IS OWNERSHIP OF A MOBILE OR MANUFACTURED HOME, THE INDIVIDUAL SHALL
 BE CONSIDERED A FIRST TIME HOME BUYER. FOR THE PURPOSES OF THIS  ARTICLE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD16176-01-4
 S. 9913                             2
 
 A "MOBILE OR MANUFACTURED HOME" SHALL MEAN A STRUCTURE THAT IS VALUED AS
 PERSONAL  PROPERTY  AND  NOT REAL PROPERTY. IF, DUE TO SUCH INDIVIDUAL'S
 OWNERSHIP OF A MOBILE OR MANUFACTURED HOME, SUCH INDIVIDUAL HAS  CLAIMED
 A  REAL  ESTATE  TAX  OR  HOME  MORTGAGE  DEDUCTION ON SUCH INDIVIDUAL'S
 PERSONAL INCOME TAX RETURNS, SUCH INDIVIDUAL SHALL NOT BE  CONSIDERED  A
 FIRST  TIME  HOME BUYER REGARDLESS OF WHETHER THE MOBILE OR MANUFACTURED
 HOME WAS CONSIDERED PERSONAL OR REAL PROPERTY.
   2. "OWNERSHIP INTEREST" SHALL MEAN A  FEE  SIMPLE  INTEREST,  A  JOINT
 TENANCY, A TENANCY IN COMMON, A TENANCY BY THE ENTIRETY, THE INTEREST OF
 A  TENANT-SHARE  HOLDER  IN  A  COOPERATIVE,  A  LIFE  ESTATE  OR A LAND
 CONTRACT.  INTERESTS WHICH DO NOT CONSTITUTE OWNERSHIP INTERESTS INCLUDE
 THE FOLLOWING: (A) REMAINDER INTERESTS, (B) A LEASE WITH OR  WITHOUT  AN
 OPTION  TO  PURCHASE,  (C) A MERE EXPECTANCY TO INHERIT AN INTEREST IN A
 RESIDENCE, (D) THE INTEREST THAT A PURCHASER OF A RESIDENCE ACQUIRES  ON
 THE  EXECUTION OF A PURCHASE CONTRACT AND (E) AN INTEREST IN REAL ESTATE
 OTHER THAN A RESIDENCE.
   3. "PROGRAM" SHALL MEAN THE NEW YORK FIRST HOME GRANT  PROGRAM  ESTAB-
 LISHED PURSUANT TO THIS ARTICLE.
   § 1302. FUNCTIONS OF THE COMMISSIONER. 1. THE COMMISSIONER, IN CONSUL-
 TATION WITH THE STATE COMPTROLLER, SHALL IMPLEMENT THE PROGRAM UNDER THE
 TERMS AND CONDITIONS ESTABLISHED BY THIS ARTICLE.
   2. IN FURTHERANCE OF SUCH IMPLEMENTATION THE COMMISSIONER SHALL:
   (A)  DEVELOP AND IMPLEMENT THE PROGRAM IN A MANNER CONSISTENT WITH THE
 PROVISIONS OF THIS ARTICLE THROUGH RULES AND REGULATIONS ESTABLISHED  IN
 ACCORDANCE WITH THE STATE ADMINISTRATIVE PROCEDURE ACT;
   (B) ENGAGE THE SERVICES OF CONSULTANTS ON A CONTRACT BASIS FOR RENDER-
 ING PROFESSIONAL AND TECHNICAL ASSISTANCE AND ADVICE;
   (C)  MAKE  CHANGES TO THE PROGRAM REQUIRED FOR THE PARTICIPANTS IN THE
 PROGRAM TO OBTAIN THE STATE BENEFITS OR TREATMENT PROVIDED BY THIS ARTI-
 CLE;
   (D) CHARGE, IMPOSE AND COLLECT ADMINISTRATIVE FEES AND SERVICE CHARGES
 IN CONNECTION WITH ANY AGREEMENT, CONTRACT OR  TRANSACTION  RELATING  TO
 THE PROGRAM;
   (E) DEVELOP MARKETING PLANS AND PROMOTION MATERIALS;
   (F) ESTABLISH THE METHODS BY WHICH THE GRANTS BE DISPERSED;
   (G)  ESTABLISH THE METHOD BY WHICH FUNDS SHALL BE ALLOCATED TO PAY FOR
 ADMINISTRATIVE COSTS; AND
   (H) DO ALL THINGS NECESSARY AND PROPER TO CARRY OUT  THE  PURPOSES  OF
 THIS ARTICLE.
   § 1303. PROGRAM REQUIREMENTS. 1. AMOUNTS FROM A GRANT UNDER THIS ARTI-
 CLE SHALL BE USED ONLY TO PROVIDE ASSISTANCE:
   (A) ON BEHALF OF A FIRST TIME HOME BUYER QUALIFIED UNDER THIS ARTICLE;
 AND
   (B) FOR:
   (I)  COSTS  IN  CONNECTION WITH THE ACQUISITION, INVOLVING AN ELIGIBLE
 MORTGAGE LOAN, OF AN ELIGIBLE HOME, INCLUDING DOWNPAYMENT COSTS, CLOSING
 COSTS, AND COSTS TO REDUCE THE RATES OF INTEREST  ON  ELIGIBLE  MORTGAGE
 LOANS;
   (II)  SUBSIDIES  TO MAKE SHARED EQUITY HOMES AFFORDABLE TO HOME BUYERS
 BY DISCOUNTING THE PRICE FOR WHICH THE HOME WILL BE SOLD AND TO PRESERVE
 THE AFFORDABILITY OF THE HOME FOR SUBSEQUENT HOME BUYERS; AND
   (III) PRE-OCCUPANCY HOME MODIFICATIONS REQUIRED TO ACCOMMODATE  QUALI-
 FIED HOME BUYERS OR MEMBERS OF THEIR HOUSEHOLD WITH DISABILITIES.
   2. ANY GRANT AWARDED PURSUANT TO THIS ARTICLE:
   (A)  MAY BE PROVIDED ON BEHALF OF ANY FIRST TIME HOME BUYER ONLY ONCE;
 AND
 S. 9913                             3
 
   (B) SHALL BE IN THE TOTAL AMOUNT OF TEN THOUSAND DOLLARS.
   3.  GRANT AMOUNTS RECEIVED BY A FIRST TIME HOME BUYER PURSUANT TO THIS
 ARTICLE SHALL BE CONSIDERED TO SUPPLEMENT ANY  OTHER  STATE  OR  FEDERAL
 ASSISTANCE PROVIDED TO SUCH HOME BUYER FOR THE ACQUISITION OF SUCH HOME.
   4.  ANY FIRST TIME HOME BUYER AWARDED A GRANT PURSUANT TO THIS ARTICLE
 SHALL MAINTAIN PRIMARY RESIDENCE AT SUCH PROPERTY FOR A FIVE YEAR PERIOD
 FOLLOWING ACQUISITION OF SUCH PROPERTY. THE COMMISSIONER  SHALL  REQUIRE
 THAT  ANY FIRST TIME HOME BUYER AWARDED A GRANT PURSUANT TO THIS ARTICLE
 WHO FAILS OR CEASES TO OCCUPY THE PROPERTY ACQUIRED USING  SUCH  ASSIST-
 ANCE  AS THE PRIMARY RESIDENCE OF SUCH HOME BUYER, EXCEPT IN THE CASE OF
 ASSISTANCE PROVIDED IN CONNECTION WITH THE PURCHASE OF A PRINCIPAL RESI-
 DENCE THROUGH A SHARED EQUITY HOMEOWNERSHIP  PROGRAM,  SUCH  HOME  BUYER
 SHALL  REPAY TO THE COMMISSIONER A PROPORTIONAL AMOUNT OF THE ASSISTANCE
 SUCH HOME BUYER RECEIVES BASED ON THE NUMBER OF YEARS THEY HAVE OCCUPIED
 THE ELIGIBLE HOME.
   § 3. Subsection (c) of section 612 of the tax law is amended by adding
 a new paragraph 48 to read as follows:
   (48) THE AMOUNT OF ANY GRANT TO ANY  FIRST  TIME  HOME  BUYER  AWARDED
 PURSUANT  TO  ARTICLE THIRTY-THREE OF THE PRIVATE HOUSING FINANCE LAW OR
 ANY FEDERAL FIRST TIME HOME BUYER GRANT PROGRAM SHALL NOT BE  CONSIDERED
 TAXABLE  INCOME  FOR  THE PURPOSE OF CALCULATING NEW YORK ADJUSTED GROSS
 INCOME, IRRESPECTIVE OF WHETHER IT  IS  CONSIDERED  TAXABLE  INCOME  FOR
 FEDERAL INCOME TAX PURPOSES.
   § 4. This act shall take effect on the one hundred eightieth day after
 it  shall  have become a law. 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
 effective date.

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Senate Bill S9913

Sponsored By

Current Bill Status - In Senate Committee Rules Committee

2023-S9913 (ACTIVE) - Details

2023-S9913 (ACTIVE) - Summary

2023-S9913 (ACTIVE) - Sponsor Memo

2023-S9913 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S9913

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Sponsored By

Jeremy A. Cooney

Current Bill Status - In Senate Committee Rules Committee

2023-S9913 (ACTIVE) - Details

2023-S9913 (ACTIVE) - Summary

2023-S9913 (ACTIVE) - Sponsor Memo

2023-S9913 (ACTIVE) - Bill Text download pdf

Comments