Establishes the block by block homeownership program to provide capital subsidies for the purpose of constructing, preserving, and rehabilitating one- to two- family dwellings throughout the state, outside of NYC.
STATE OF NEW YORK
________________________________________________________________________
1398--A
2025-2026 Regular Sessions
IN SENATE
January 9, 2025
___________
Introduced by Sen. S. RYAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the private housing finance law, in relation to estab-
lishing the block by block homeownership program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The private housing finance law is amended by adding a new
2 article 33 to read as follows:
3 ARTICLE XXXIII
4 BLOCK BY BLOCK HOMEOWNERSHIP PROGRAM
5 Section 1300. Legislative purpose.
6 1301. Block by block homeownership program.
7 § 1300. Legislative purpose. It is hereby declared and found that
8 there exists across upstate New York, and particularly in the cities of
9 Buffalo, Rochester, Syracuse, Albany, and Binghamton, a shortage of
10 affordable housing units available for purchase. It is further found
11 that homeownership is essential for building generational wealth, and
12 that the state therefore has an interest in promoting homeownership. In
13 order, further, to promote homeownership, it is hereby declared that
14 additional provisions should be made to provide public monies for the
15 purposes of constructing, preserving, and rehabilitating one- to two-fa-
16 mily dwellings on underutilized land throughout the state, with an
17 emphasis on the cities of Buffalo, Rochester, Syracuse, Albany, and
18 Binghamton for purchase by low and moderate income buyers. The necessi-
19 ty in the public interest for the provisions of this article is hereby
20 declared as a matter of legislative determination.
21 § 1301. Block by block homeownership program. 1. The division of
22 housing and community renewal shall, subject to appropriation, develop a
23 program to make capital subsidies available for the purpose of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02989-02-5
S. 1398--A 2
1 constructing, preserving, and rehabilitating one- to two-family dwell-
2 ings outside of a city with a population of one million or more. The
3 commissioner shall promulgate rules and regulations sufficient for the
4 creation of a new program for the purpose of constructing, preserving,
5 and rehabilitating such one- to two-family dwellings.
6 2. Funding for the program created pursuant to this article shall, to
7 the extent practicable, be prioritized in the cities of Buffalo, Roches-
8 ter, Syracuse, Albany, and Binghamton for development on vacant, aban-
9 doned, or underutilized land owned by the municipality.
10 3. Dwellings created pursuant to this program shall be sold to a not-
11 for-profit corporation for the purpose of resale or individuals or fami-
12 lies who are low or moderate income, as determined by the division of
13 housing and community renewal, at the time of sale, who own no other
14 real property, and who intend to use the dwelling as their primary resi-
15 dence.
16 4. The division of housing and community renewal shall restrict any
17 subsequent deed of sale to an individual or family of low or moderate
18 income, as determined by the division of housing and community renewal,
19 who intends to make the dwelling their primary residence.
20 5. Nothing in this article shall preclude the use of additional loans
21 or grants in conjunction with this program.
22 § 2. This act shall take effect immediately.
