New York S03068 proposes a subsidy for closing costs for low-income tenants transitioning to homeownership.

New York S03068 amends the private housing finance law to create a Tenant to Homeownership Initiative. This initiative provides a subsidy for closing costs to eligible buyers. Eligible buyers must have been residents of New York for five years and have lived in public housing or low-income rent-subsidized apartments during that time. The subsidy amounts to $1,000 for public housing residents and $500 for low-income apartment residents. The state will claw back the subsidy if the property is sold within three years.

New York S03068 proposes a subsidy for closing costs for low-income tenants transitioning to homeownership.

New York S03068 amends the private housing finance law to create a Tenant to Homeownership Initiative. This initiative provides a subsidy for closing costs to eligible buyers. Eligible buyers must have been residents of New York for five years and have lived in public housing or low-income rent-subsidized apartments during that time. The subsidy amounts to $1,000 for public housing residents and $500 for low-income apartment residents. The state will claw back the subsidy if the property is sold within three years.