Establishes a first-time homebuyer assistance program in New York.
The bill establishes the first-time homebuyer assistance program within the New York mortgage agency. The program aims to provide assistance to first-time homebuyers of certain residential units. Eligible homebuyers can use program funds for down payments, closing costs, and interest rate reductions on qualifying mortgage loans. The maximum amount of program funds a first-time homebuyer can receive is $20,000. The agency may adjust the maximum purchase price of qualifying residential units to reflect market conditions.
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