HOME Act To Provide Financial Assistance To First-Time Homebuyers

The HOME Act, a new initiative aimed at reducing costs for first-time homebuyers across New York State and Monroe County. The "Home Ownership Market Expansion" (HOME) Act will provide financial grants to help eligible first-time buyers cover the cost of purchasing a home. Senator Jeremy Cooney (D-Rochester) made the announcement on September 20, 2024, Cooney says $50,000 was also secured for the Rochester Housing Development Fund Corporation (RHDFC) to support its efforts to acquire, rehabilitate, and resell affordable homes.

"Homeownership is one of the best ways to break the cycle of poverty and build generational wealth," said Cooney. "By lowering costs and increasing the availability of quality homes, we are directly addressing the housing affordability crisis. As prices rise and inventory tightens, these investments are vital to making homeownership accessible to more people in Monroe County."

The HOME Act (S9913) builds on a federal proposal by Vice President Kamala Harris, which would provide $25,000 in down payment assistance for first-time homebuyers. Cooney’s bill would add an additional $10,000 in cash grants for New York residents, enabling them to immediately apply the funds toward their home purchase at closing.

Data from the Greater Rochester Association of Realtors shows that sales of homes priced between $150,000 and $250,000 spiked in 2021, with 3,594 homes sold in Monroe County. However, available housing inventory has since decreased, driving up prices in an already competitive market. Earlier this year, Rochester was ranked the hottest housing market in the U.S. by Realtor.com, further intensifying demand and prices.

Cooney says that the HOME Act will help alleviate some of the financial burdens on homebuyers, allowing more families to invest in homeownership and build long-term wealth. Over the past 30 years, the wealth gap between homeowners and renters has increased by more than 250%.

An operational grant funding of $50, 000 was secured for the Rochester Housing Development Fund Corporation. The funds will support the RHDFC’s HOME Rochester program and Make Monroe Home initiative, which acquire and rehabilitate vacant homes to sell at affordable prices. These homes carry a 15-year affordability requirement to ensure stability in local neighborhoods.

"The Rochester Housing Development Fund Corporation is grateful for Senator Cooney’s support," said Theodora Finn, President of RHDFC. "This grant will help us continue transforming vacant properties into affordable homes, giving more first-time buyers the opportunity to achieve homeownership."

“This Monroe County program, in collaboration with the Greater Rochester Housing Partnership, has helped 11 first-time homebuyers by providing affordable, renovated homes that meet modern safety standards,” County Executive Adam Bello said. “We are proud to continue offering this opportunity to those who might otherwise be outbid in the market and look forward to closing on our 12th property in October. Together, we are ensuring that more families in Monroe County have a fair shot at homeownership and the stability it provides.”

“Our community is witnessing a rapidly rising cost of housing at all price points and a severe lack of quality rental housing for the lowest income members of our community. Low income homeowners are also struggling to get the support they need to remain stable in their housing,” said Aqua Y. Porter, RMAPI Executive Director. “We welcome all efforts to expand homeownership and open doors of opportunity to all in our community. We know that homeownership is one of the most important pathways to upward mobility in our community and we enthusiastically support this effort.”

As housing prices continue to rise, Conney says the commitment of the local government remains to address the housing crisis with comprehensive, long-term solutions to make homeownership a reality for more New Yorkers.