Housing (Homeownership)

This bill requires banks or financial institutions (as the sole mortgage holder) to offer homeowners a refinancing option when initiating a residential foreclosure. Specifically, the lender must provide an offer to refinance at their lowest interest rate from the prior 30 days, regardless of the homeowner's credit, income, or payment history. The offer must be included with the foreclosure notice and cannot be required more than once per foreclosure or per property for the same homeowner. It applies only to lenders offering residential mortgages as part of their regular business.

Relates to tax lien foreclosure; establishes senior, disabled, and veteran homeowner real property tax assistance program; establishes installment plans for certain real property taxes.

Establishes the New York state diplomas to homeownership assistance program; provides awards of up to fifteen thousand dollars to eligible applicants for repayment on student loans; makes an appropriation therefor.

Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.

Enacts into law major components of legislation necessary to implement the state education, labor, housing and family assistance budget for the 2025-2026 state fiscal year; relates to contracts for excellence; relates to calculation of state aid to school districts; relates to a statewide dual enrollment policy; extends workforce education; relates to maximum class sizes for special education; extends chapter 82 of the laws of 1995; relates to foundation aid; provides for special apportionment for salary expenses; provides for special apportionment for public pension accruals; establishes a dual enrollment program; relates to universal pre-kindergarten and the Statewide universal full-day pre-kindergarten; extends provisions relating to paperwork reduction; relates to funding a program for work force education; extends provisions for monitors in the Hempstead union free school district, the Wyandanch union free school district and the Rochester city school district; relates to supplementary funding for the East Ramapo central school district; extends provisions authorizing the Roosevelt union free school district to finance deficits by the issuance of serial bonds; relates to requirements for zero emissions school buses; relates to certain instructional requirements for nonpublic schools (Part A); establishes a universal free school meals program; repeals provisions relating to the community eligibility provision state subsidy (Part B); relates to school policies regarding the use of internet-enabled devices during the school day (Part C); relates to scholarships awarded to part-time students by the New York state higher education services corporation; makes conforming changes; repeals provisions relating to tuition awards for part-time undergraduate students; relates to the New York state part-time scholarship award program (Part D); relates to authorizing the excelsior scholarship cover the cost of tuition in the state university of New York system (Part E); creates a New York opportunity promise scholarship for certain students who matriculated at a SUNY or CUNY community college, are over 25 years of age, have applied for certain tuition assistance programs, are eligible for resident tuition rates, and have not already obtained a postsecondary degree (Part F); provides for reduction of taxes pursuant to shelter rent (Part L); utilizes reserves in the mortgage insurance fund for the neighborhood preservation program, the rural preservation program, the rural rental assistance program, and the New York state supportive housing program (Part N); extends certain provisions relating to restructuring financing for residential school placements (Part O); authorizes child care support centers which are certified by the office of children and family services to place individuals as substitute caregivers at licensed and registered child care programs (Part P); relates to the provision of public assistance allowances to public assistance recipients upon the birth of a new child (Part Q); relates to increasing the standards of monthly need for aged, blind and disabled persons living in the community (Part R); relates to the effectiveness of provisions of law relating to the powers and duties of the commissioner of social services relating to the appointment of a temporary operator (Part S); relates to the healthy terminals act; amends certain definitions relating to covered airport location and covered airport workers; provides for the applicable standard rate as meaning the wage and benefit rates designated by the commissioner of labor (Part T); limits the amount of liquidated damages for certain frequency of pay violations (Part U); relates to civil penalties for violations of certain wage payment provisions (Part V); increases the civil penalties for violations of child labor laws (Part W); establishes a database for the employment of minors; allows for registration of minors and employers in such database; digitizes the process for minors to apply for employment (Part X); expands certain payments previously made to parents of deceased service members to spouses and minor children of such service members; authorizes the commissioner of veterans' affairs to conduct an outreach program for the purpose of informing the public and persons who may be eligible to receive an annuity (Part Y); requires submission of an annual report on the New York state museum (Part AA); decreases the length of the suspension period applicable to certain individuals who lose their jobs due to a labor dispute, such as a strike, and who seek to obtain unemployment insurance benefits (Part BB); requires social services for a city of a population of a million or more shall spend a certain amount of local funds for child care block grants (Part CC); establishes the crime of evading arrest by concealment of identity (Part DD); expands the merit time allowance and limited credit time allowance programs (Part EE); authorizes the commissioner of education to appoint a monitor to oversee the Mount Vernon city school district; requires such monitor to schedule three public hearings; requires the monitor and board of education to develop a proposed financial plan for the 2025--2026 school year and the four subsequent school years (Part FF); relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York (Part GG); establishes the housing access voucher pilot program (Part HH); amends section 2 of chapter 868 of the laws of 1975 constituting the New York state financial emergency act for the city of New York, in relation to the effectiveness thereof (Part II); establishes the city of Buffalo parking authority; provides for its powers, duties and obligations (Part JJ); increases the maximum benefit rate for unemployment insurance (Part KK); amends provisions relating to discovery reform (Part LL); provides for the administration of certain funds and accounts related to the 2025-2026 budget; authorizes certain payments and transfers; relates to the administration of certain funds and accounts (Part MM).

This bill amends New York's property tax law to include specific cooperative and condominium properties in the "class one" tax category, which typically has lower tax rates than other property classes. It adds two new categories: condominiums that are owner-occupied (with no prior non-condominium classification) and cooperative properties that were part of pre-1940 bungalow colonies maintained solely for owner-occupant use. These properties will now qualify for class one assessment instead of being excluded, potentially reducing their tax burden. The change directly affects residential property owners in qualifying cooperative buildings and condominiums meeting the specified conditions. It does not alter tax rates but adjusts eligibility for the lower-rate classification.

S 4057 extends New York's historic homeownership rehabilitation tax credit window, allowing eligible homeowners to claim the credit for tax years beginning after 2025 (previously expiring in 2025). It maintains a $50,000 annual credit limit per home (reducing to $25,000 after 2025) for qualified rehabilitation costs of certified historic properties. The bill also adds new reporting requirements: the state tax commissioner must annually report credit claims and utilization data by location and project size to state officials and the public. These reports will include details like certified project counts, credit values, and housing unit changes before/after rehabilitation. The bill directly affects homeowners rehabilitating historic properties in New York who qualify for the tax credit.

This bill establishes New York's First Home Savings Program, creating tax-advantaged savings accounts for first-time home buyers. It directly affects New York residents who have never owned a primary residence (including those with mobile homes but excluding those who claimed home tax deductions), allowing them to save for purchasing a home in the state. Key provisions include tax incentives under state law, strict rules defining "first-time buyer" status, and requirements that funds be used only for qualified home purchases (houses, condos, or co-ops) within New York as a primary residence. Withdrawals for non-qualified purposes face penalties, while exceptions exist for death, emergencies, or military service. The program is managed by the state comptroller and requires accounts to be held at approved financial institutions.

New York's S 1157 establishes a state-run savings program to help first-time homebuyers save for purchasing their first primary residence in New York. The program creates tax-advantaged savings accounts managed by the state comptroller, allowing eligible residents to contribute funds that qualify for state income tax benefits under Section 612 of the tax law. To qualify, applicants must have no prior ownership of any home (including mobile homes claimed as personal property on tax returns) and must use funds exclusively for buying or building a home in New York to be used as their primary residence for at least two years. The bill outlines specific account rules, defines "first-time homebuyer," and specifies allowable expenses like purchase costs for houses, condos, or cooperative units within the state.

Requires a stay of certain foreclosure proceedings where the mortgagor has applied for coverage under the New York state homeowner assistance fund or any local program administering federal emergency mortgage assistance program funds; allows such foreclosure proceedings to proceed against a mortgagor who has caused significant damage to the property.