Establishes the manufactured home community preservation act to provide financial and technical assistance, within funds available to counties, municipalities, rural preservation companies, and other non-profit housing organizations for their housing preservation efforts; provides that funds in the mortgage insurance fund can be used to provide financial support to local governments and eligible non-profit housing organizations.
This bill exempts first-time homebuyers from the mortgage recording tax when purchasing a primary residence. It defines "first-time homebuyer" as an individual who has never owned a primary home, isn't married to someone who owned one in the past three years, and doesn't own vacation or investment properties. The exemption applies to mortgages executed on or after the law's effective date (January 1st following enactment). This directly affects qualifying first-time homebuyers by reducing their closing costs for purchasing a primary residence.
Establishes the New American homebuyer assistance program within the state of New York mortgage agency to assist first time homebuyers by imposing flexible documentation guidelines that take into account foreign documentation of income and assets.
Expands access to mortgage loans for cooperative properties under the homes for veterans program, as administered by the state of New York mortgage agency.
This bill exempts first-time homebuyers from the mortgage recording tax on qualifying home purchases. It defines a "first-time homebuyer" as someone who hasn’t owned a primary residence in the past three years (and isn’t married to someone who has), and doesn’t own vacation or investment properties. The exemption applies only to mortgages for primary residences, removing a tax burden for eligible buyers. The law takes effect January 1 following its enactment, applying to mortgages signed on or after that date.
This bill extends the New York State Housing Finance Agency's existing authority to issue bonds and finance housing programs until July 23, 2027. It specifically maintains current limits on bond issuance (including $7.92 billion for general housing finance and $2.4 billion for mortgage programs) and preserves the agency's ability to fund multi-family housing and neighborhood revitalization initiatives. The extension applies to provisions governing bond limits, mortgage program income eligibility rules, and infrastructure trust fund operations. This directly affects the agency's ability to continue current housing finance activities without new legislative action. The bill does not create new programs but preserves existing funding mechanisms through 2027.
S 656 requires new homes built with certain New York state or federal financial assistance to include basic accessibility features for people with disabilities. It mandates step-free entrances, 36-inch wide interior doors, environmental controls at accessible heights (15-48 inches above floor), and specific bathroom requirements including grab bar reinforcements and minimum clear floor space. The law applies to detached single-family homes, ground-floor townhouses, or ground-floor units in buildings with three or fewer units. Exclusions cover sites with physically unreasonable constraints and certain mortgage-backed loans (like FHA or Fannie Mae). Violations carry civil penalties of $50-$500 per offense.
Enacts the "home mortgage bridge loan assistance act" to prevent avoidable home mortgage foreclosures by providing temporary bridge loan assistance; makes related provisions.
Provides that any landlord that is in mortgage foreclosure due to loss of rent payments cannot enter into a state of foreclosure until a court handling a special proceeding to recover rent resolves any rent issues.
Requires counties and/or cities to establish a plan for providing legal counsel to persons who are defendants or respondents in eviction, ejectment and foreclosure proceedings and who are financially unable to obtain counsel; defines eligible person as one whose gross individual income is not in excess of one hundred twenty-five percent of the federal income official poverty line; requires the state to match dollar for dollar the amount counties appropriate for their plans.
