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

Summary

This bill would require the Department of Housing Preservation and Development (“HPD”) to provide financial assistance to at least 600 first-time homebuyers through its HomeFirst program annually. The Commissioner of HPD would be required to submit an annual report to the Mayor and Council Speaker that states, at a minimum: the number of first-time homebuyers who received financial or monetary assistance through HomeFirst during the past 5 fiscal years; the median dollar amount of financial assistance provided to first-time homebuyers; and, the community district of homes acquired using HomeFirst financial assistance. The report would also include an explanation if fewer than 600 first-time homebuyers were provided HomeFirst financial assistance during the most recent fiscal year. The report would be published online.

Official summary of legislation · NYC Council