Establishes the New York state first home grant program to assist first time home buyers.

The bill establishes the New York state first home grant program to provide assistance to first time home buyers. The commissioner of homes and community renewal, in consultation with the state comptroller, will implement the program. Assistance includes costs for eligible mortgage loans, subsidies to make shared equity homes affordable, and pre-occupancy home modifications for qualified home buyers or members of their household with disabilities. The program excludes the amount of any grant from taxable income for the purpose of calculating New York adjusted gross income.

Establishes the New York state first home grant program to assist first time home buyers.

The bill establishes the New York state first home grant program to provide assistance to first time home buyers. The commissioner of homes and community renewal, in consultation with the state comptroller, will implement the program. Assistance includes costs for eligible mortgage loans, subsidies to make shared equity homes affordable, and pre-occupancy home modifications for qualified home buyers or members of their household with disabilities. The program excludes the amount of any grant from taxable income for the purpose of calculating New York adjusted gross income.