
Governor Hochul Unveils Affordable Housing Initiatives to Support New Yorkers
Governor Kathy Hochul has introduced several measures aimed at helping New Yorkers, especially first-time homebuyers, achieve the dream of homeownership.
These initiatives build on the Governor's existing $25 billion five-year housing plan, which aims to create or preserve 10,000 affordable homes across the state.
Starter Home Innovation Fund
One of the proposed measures is the establishment of a Starter Home Innovation Fund, which involves allocating $50 million in capital funding to incentivize the construction of more starter homes. This fund encourages innovative approaches to homebuilding, such as factory-built modular developments or the construction of manufactured homes.
Support for First-Time Homebuyers
Governor Hochul is also advocating for increased support for first-time homebuyers in the form of down payment assistance, particularly targeting low- and moderate-income buyers. A new state funding of $50 million will be set aside to provide assistance in making down payments for eligible individuals.
Disincentivizing Firms and Corporations
A critical aspect of the proposal involves discouraging large firms and corporations from purchasing single and two-family homes on a large scale. Governor Hochul suggests implementing a 75-day waiting period for institutional investors before they can make any offers on residential properties.
However, housing advocates believe that this measure does not fully solve the issue of corporate acquisition of homes and advocate for more comprehensive solutions.
Tenant Opportunity to Purchase Act
Housing advocates have been pushing for the Tenant Opportunity to Purchase Act, which would give tenants the right to make the first offer on a building when it is put up for sale.
This act aims to return the ownership of properties to the individuals who reside in them, rather than allowing properties to be transferred between corporate entities or private equity firms. The Act would provide financial and technical support to tenants interested in purchasing their homes.

Affordable Home Buyer Tax Incentive
Another proposal is the introduction of an affordable home buyer tax incentive, which local entities can opt into for homes constructed with assistance from governmental bodies, nonprofits, or land banks. This incentive aims to make homeownership more attainable for individuals seeking affordable housing options.