Proposed Int. No. 958-A
By the Speaker (Council Member Adams) and Council Members Brooks-Powers, Farías, Hudson, Williams, Louis, Banks, Sanchez, Stevens, Mealy, Ayala, Riley and Narcisse
A Local Law to amend the administrative code of the city of New York, in relation to the creation of affordable homeownership opportunities
Be it enacted by the Council as follows:
Section 1. Title 26 of the administrative code of the city of New York is amended by adding a new chapter 37 to read as follows:
CHAPTER 37
CREATION OF HOMEOWNERSHIP OPPORTUNITY UNITS
§ 26-3701 Definitions. As used in this chapter, the following terms have the following meanings:
Area median income. The term “area median income” means the income limits as defined annually by the department of housing and urban development for the New York, NY HUD Metro FMR Area.
City financial assistance. The term “city financial assistance” means any loans, grants, tax exemptions, or tax abatements conveyed or provided by the city other than as-of-right assistance.
Converted homeownership unit. The term “converted homeownership unit” means a converted non-residential-to-homeownership unit or a converted rental-to-homeownership unit that qualifies as an income restricted unit.
Converted non-residential-to-homeownership unit. The term “converted non-residential-to-homeownership unit” means a dwelling unit owned in the cooperative or condominium form of ownership that was converted from a previous non-residential use with city financial assistance.
Converted rental-to-homeownership unit. The term “converted rental-to-homeownership unit” means a dwelling unit in an existing rental property that the department provided city financial assistance or otherwise provided consent to convert to a property owned in the cooperative or condominium form of ownership.
Department. The term “department” means the department of housing preservation and development.
Down payment assistance unit. The term “down payment assistance unit” means a homeownership unit for which the department has provided city financial assistance to a natural person for the partial or full payment of acquisition and closing costs for such natural person’s purchase of the unit.
Dwelling unit. The term “dwelling unit” shall have the same meaning as provided in subdivision (13) of section 27-2004.
Homeownership opportunity unit. The term “homeownership opportunity unit” means a newly constructed homeownership unit for which the department has provided city financial assistance and which qualifies as an income restricted unit, converted homeownership unit, or down payment assistance unit.
Income restricted unit. The term “income restricted unit” means a homeownership unit with a maximum initial sales price affordable to a household earning no more than 165 percent of area median income.
New construction unit. The term “new construction unit” means either a newly constructed rental dwelling unit in a building that did not previously exist for which the department has provided city financial assistance or a homeownership opportunity unit.
§ 26-3702 Creation of homeownership opportunity units. a. During the 5 year period beginning July 1, 2026 and ending June 30, 2031, and for every 5 year period thereafter, the department shall execute agreements to create a number of homeownership opportunity units that is greater than or equal to 4 percent of the number of new construction units that the department executes agreements to create during the same 5 year period.
b. No more than 60 percent of the homeownership opportunity units for which agreements are required to be executed pursuant to subdivision a of this section shall be down payment assistance units.
§ 2. This local law takes effect immediately.
RL/WCJ/JJ/WV
LS #14407
11/25/2025 11:10 PM