Establishes a middle income home ownership subsidy program in New York City.

The bill creates a middle income home ownership subsidy program to assist individuals with an income below the current median income for New York City in purchasing a residence in an urban area. To qualify, applicants must be part of a household with an income below the median, not own a housing unit, and not have previously received home ownership assistance. The program will provide financial assistance for the purchase of eligible units, defined as homes with two or fewer units, condominiums, or cooperatives.

Establishes a middle income home ownership subsidy program in New York City.

The bill creates a middle income home ownership subsidy program to assist individuals with an income below the current median income for New York City in purchasing a residence in an urban area. To qualify, applicants must be part of a household with an income below the median, not own a housing unit, and not have previously received home ownership assistance. The program will provide financial assistance for the purchase of eligible units, defined as homes with two or fewer units, condominiums, or cooperatives.