Expand Affordable Homeownership Options in New York City
Enacted on Jul 31, 2026Signed into law by the Mayor.
Signed into Law
Local Law 2026/057
✦ Plain-Language Summary
Starting in 2026, at least 4% of all new affordable housing the City helps build must be set aside for homeownership opportunities, not just rentals. This includes help buying newly built homes, down payment assistance loans, and converting rental buildings into homes people can own. The goal is to help more New Yorkers — especially lower-income residents — build wealth through homeownership.
Details
- Introduced
- Jun 20, 2024
- Passed Council
- Jan 29, 2026
- Enacted
- Jan 29, 2026
- Body
- Committee on Land Use
- Type
- Introduction
- Status
- Enacted
Official Description
This bill would require, beginning July 1, 2026, that at least 4 percent of all new construction affordable units that the City finances, over five-year periods, consists of homeownership opportunity units, which include financing newly constructed affordable units for homeownership, downpayment assistance loans, and financing rental conversions into affordable units for homeownership. A maximum of 60 percent of these required homeownership opportunity units could be down payment assistance loans.