Int. No. 862
By Council Members Brooks-Powers, Stevens, Farías, Williams, Epstein, J. Sanchez, Nurse, Hankerson, Thomas-Henry, Louis, Carr and Morano
A Local Law to amend the administrative code of the city of New York, in relation to establishing a homebuyer financial assistance program and mandating a minimum number of homebuyers to be assisted annually
Be it enacted by the Council as follows:
Section 1. Chapter 37 of the administrative code of the city of New York, as added by local law number 57 for the year 2026, is redesignated chapter 39, and sections 26-3701 and 26-3702 of such code, as added by such local law, are redesignated sections 26-3901 and 26-3902, respectively.
§ 2. Title 26 of the administrative code of the city of New York is amended by adding a new chapter 40 to read as follows:
CHAPTER 40
HOMEBUYER FINANCIAL ASSISTANCE PROGRAM
§ 26-4001 Definitions. As used in this chapter, the following terms have the following meanings:
Commissioner. The term “commissioner” means the commissioner of housing preservation and development.
Covered home. The term “covered home” means a 1-, 2-, 3-, or 4-unit dwelling, a condominium unit, or a cooperative unit.
Department. The term “department” means the department of housing preservation and development.
Financial assistance. The term “financial assistance” means loans or grants conveyed or provided by the city other than as-of-right assistance.
First-time homebuyer. The term “first-time homebuyer” means an individual purchasing a covered home who, as of the time of such purchase, has not owned a covered home in the past 3 years.
§ 26-4002 Homebuyer financial assistance program. a. Program established. The commissioner shall establish and maintain a program to provide financial assistance to first-time homebuyers. Such financial assistance shall be provided exclusively for the payment of downpayment or closing costs incurred by such a homebuyer as purchaser or mortgagor of a covered home.
b. Program eligibility. The commissioner may establish eligibility requirements and conditions precedent for an individual to receive financial assistance pursuant to such program.
c. Annual participation. Beginning with the fiscal year commencing on July 1, 2026, the commissioner shall provide financial assistance to no fewer than 600 first-time homebuyers through such program in each fiscal year.
d. Annual report. By July 31, 2027 and July 31 of each year thereafter, the commissioner shall submit to the speaker of the council and the mayor, and publish on the department’s website, a report that includes, at a minimum:
1. The number of first-time homebuyers who received financial assistance through such program during each of the immediately preceding 5 fiscal years, as well as the total number of such homebuyers who received such financial assistance over such 5 year period;
2. The median amount of financial assistance provided to each first-time homebuyer through such program during each of the immediately preceding 5 fiscal years;
3. The community district of each covered home purchased by a first-time homebuyer using financial assistance provided through such program during the immediately preceding 5 fiscal years; and
4. If the number of first-time homebuyers who received financial assistance through such program during the immediately preceding fiscal year is fewer than the number of first-time homebuyers required to receive financial assistance pursuant to subdivision c of this section, an explanation of the factors that prevented additional participation in such program, and of any action that the commissioner has implemented or plans to implement to meet the required number of recipients in future fiscal years.
§ 3. This local law takes effect immediately.
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LS #17760
04/27/2026 9:38 AM