New York A08107 proposes to subsidize closing costs for low-income tenants purchasing homes.

New York A08107 amends the private housing finance law to create a Tenant to Homeownership Initiative. This initiative subsidizes closing costs for buyers who have lived in public housing or rent-subsidized apartments for five years. The state will provide $1,000 for those from public housing and $500 for those from rent-subsidized apartments. The state will claw back the subsidy if the buyer sells or transfers the property within three years. The Division of Housing and Community Renewal will manage the initiative.

New York A08107 proposes to subsidize closing costs for low-income tenants purchasing homes.

New York A08107 amends the private housing finance law to create a Tenant to Homeownership Initiative. This initiative subsidizes closing costs for buyers who have lived in public housing or rent-subsidized apartments for five years. The state will provide $1,000 for those from public housing and $500 for those from rent-subsidized apartments. The state will claw back the subsidy if the buyer sells or transfers the property within three years. The Division of Housing and Community Renewal will manage the initiative.