Relates to tax abatement for rent-controlled and rent regulated property occupied by and real property owned by senior citizens or persons with disabilities.
Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.
Prohibits naming dependent children under the age of 18 living in the same household with a parent or guardian in petitions to recover possession of real property and eviction warrants; seals any records pertaining to dependent children under the age of 18 living in the same household with a parent or guardian who were residing on or removed from such property.
This bill prohibits discrimination based on caste in employment, housing, and public accommodations. It adds "caste" to New York's existing anti-discrimination protections, defining caste as a hereditary social hierarchy that restricts mobility and rights. The law makes it unlawful for employers, housing providers, or public accommodations to deny services or opportunities based on caste, alongside other protected characteristics like race or gender. This directly affects individuals from communities where caste-based discrimination occurs, such as certain South Asian diaspora groups, by extending legal safeguards to these specific circumstances.
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.
This bill increases the homestead exemption value - protecting primary residences from creditor claims - from $150,000 to $250,000 in New York City boroughs, Queens, and several other counties (including Nassau, Suffolk, and Westchester). It sets lower caps of $125,000 for counties like Dutchess and Albany, and $75,000 for remaining counties. Property exceeding these limits remains exempt from judgment liens only up to the new cap, with surplus value subject to creditor claims. The change directly affects homeowners in New York State who own their primary residence and face civil judgments.
This bill extends deadlines for tax abatements on eligible renovations to multiple dwelling buildings. It changes the deadline for completing eligible construction from June 30, 2025, to June 30, 2026, and extends the period cities can grant tax abatements until June 30, 2026. The bill directly affects building owners making eligible improvements and local governments administering these tax breaks under the multiple dwelling law. It does not create new programs but provides additional time for compliance with existing tax abatement rules. The key change is the one-year extension to both construction completion dates and local government authorization periods.
Provides for notice of illegal restrictive covenant language in documents to be recorded and the recordation of restrictive covenant modification documents where conveyance instruments include language violative of civil rights laws; requires any title insurance company, title abstract company or escrow company to include such notice in title abstract reports and to inform purchaser/title insurance applicants of the availability from the county recorder of restrictive covenant modification documents.
Provides that in cities with a population of one million or more, the rent following the dissolution date of Mitchell-Lama developments shall be the last rent authorized for the affected dwelling.
