Establishes a New York state home ownership savings plan and creates a property tax exemption for related properties.

The bill creates the New York state home ownership savings plan, which aims to attract individuals to reside and remain in the state by authorizing the establishment of home ownership savings accounts. It provides guidelines for maintaining these accounts to enable individuals and couples to receive a refundable tax credit for saving toward the purchase of a first home in New York. The bill also creates a property tax exemption for residential properties purchased in target areas through the savings plan.

Establishes a New York state home ownership savings plan and creates a property tax exemption for related properties.

The bill creates the New York state home ownership savings plan, which aims to attract individuals to reside and remain in the state by authorizing the establishment of home ownership savings accounts. It provides guidelines for maintaining these accounts to enable individuals and couples to receive a refundable tax credit for saving toward the purchase of a first home in New York. The bill also creates a property tax exemption for residential properties purchased in target areas through the savings plan.