STATE OF NEW YORK
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3949
2021-2022 Regular Sessions
IN SENATE
February 1, 2021
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to amend the private housing finance law, in relation to creating
the mortgage assisted population recovery 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 section 45-d to read as follows:
3 § 45-d. Mortgage assisted population recovery program. 1. There is
4 hereby created within the agency a mortgage assisted population recovery
5 program. The program shall make available all mortgage and down payment
6 assistance funding incentives offered by the agency for homebuyers in
7 economically distressed target areas, as designated by the agency
8 through census tracks determined by the United States bureau of the
9 census, to homebuyers in those counties that have experienced negative
10 population growth from January one, two thousand to the latest available
11 annual estimates of the resident population. Such incentives shall
12 include, but may not necessarily be limited to, higher household income
13 and home purchase price limits, as offered by the agency for homebuyers
14 in such economically distressed targeted areas.
15 2. (a) Homebuyer eligibility. In addition to the limitations on house-
16 hold income and home purchase price described in subdivision one of this
17 section, an eligible homebuyer must (1) have established residency
18 outside the county in which the subject property is located, and which
19 has experienced negative growth from the two thousand decennial census
20 for the twelve month period prior to application to the program, or (2)
21 be a first-time homebuyer, and (3) use the property purchased through
22 the mortgage assisted population recovery program as his or her primary
23 residence. An eligible homebuyer, the eligible homebuyer's spouse, the
24 eligible homebuyer's domestic partner as defined by section twenty-nine
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06927-01-1
S. 3949 2
1 hundred ninety-four-a of the public health law, or any individual whose
2 name appears on the mortgage or deed of the property that is the subject
3 of the mortgage assisted population recovery program at the time of
4 purchase by the eligible homebuyer, shall be ineligible for the program
5 thereafter.
6 (b) County eligibility. Any county eligible for the mortgage assisted
7 population recovery program under subdivision one of this section, which
8 experiences twenty-four consecutive months of population growth as
9 determined by the latest available annual estimates of resident popu-
10 lation by the United States bureau of the census, shall be ineligible
11 for the program, unless and until such county experiences six consec-
12 utive months of population decline.
13 3. All post-purchase restrictions and limitations which apply to the
14 agency's funding assistance programs for homebuyers in designated
15 economically distressed target areas shall apply to the eligible home-
16 buyer and the property subject to the mortgage assisted population
17 recovery program.
18 § 2. This act shall take effect immediately.
