ROCHESTER, N.Y. — First-time homebuyers in New York could soon receive a $10,000 grant to help with closing costs. State Sen. Jeremy Cooney is advocating for this initiative, known as the Home Ownership Market Equity (HOME) Act, which aims to ease the financial burden of purchasing a home.

The New York State Senate recently passed its budget proposal, which includes priorities for the upcoming state budget negotiations. Cooney emphasized that several topics, including the challenges of home buying, will directly affect Rochester and Monroe County.

“We know that’s a way to build generational wealth. So how are we going to help them do that?” Cooney said. “Last fall in Greece, I announced a new piece of legislation called the Home Act, which stands for Home Ownership Market Equity, which would be a $10,000 grant given to first-time homebuyers in New York when they are doing a closing and buying a new home.”

Yalitza Galan, who came to Rochester from Puerto Rico 11 years ago, works two jobs and still can’t afford to buy a home for her and her family.

Galan said this grant would be important to her and her family, as it would atleast cover closing costs.

“I would not only say how important it for us it is important for society,” Galan said. Galan and Cooney both agreed that if you had a mortgage, you would be paying less than you do in rent.

The HOME Act requires recipients to remain in the purchased home for five years or repay the grant upon selling the property. However, not everyone will qualify for this grant, as there are maximum income requirements.

“If you’re able to own your own home I think it gives your kids a sense of stability,” Galan said.

Galan also said she believes it would benefit not only her but also society.

News10NBC reached out to Sen. Cooney for details on the income requirements and the cost of these grants to the state. A spokesperson mentioned that it is still early in the process, and those numbers are not yet available.

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