New York legislation · 2025-2026 General Assembly
New York A5098: Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home
Status: In committee, May 20, 2026
Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.
What the bill says
An act to amend the private housing finance law, in relation to establishing the New York state first home savings program, which authorizes first time home buyers to establish savings accounts to purchase a home; and to amend the tax law, in relation to establishing a personal income tax deduction for deposits into such accounts.
From the introduced text, February 12, 2025:
AN ACT to amend the private housing finance law, in relation to establishing the New York state first home savings program, which authorizes first time home buyers to establish savings accounts to purchase a home; and to amend the tax law, in relation to establishing a personal income tax deduction for deposits into such accounts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. The private housing finance law is amended by adding a new article 28 to read as follows: ARTICLE XXVIII NEW YORK STATE FIRST HOME SAVINGS PROGRAM SECTION 1250. PROGRAM ESTABLISHED. 1251. PURPOSES. 1252. DEFINITIONS. 1253. FUNCTIONS OF THE COMPTROLLER. 1254. POWERS OF THE COMPTROLLER. 1255. PROGRAM REQUIREMENTS; FIRST HOME SAVINGS ACCOUNT. 1256. PROGRAM LIMITATIONS; FIRST HOME SAVINGS ACCOUNT. § 1250. PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED A FIRST HOME SAVINGS PROGRAM AND SUCH PROGRAM SHALL BE KNOWN AND MAY BE CITED AS THE "NEW YORK STATE FIRST HOME SAVINGS PROGRAM". § 1251. PURPOSES. THE PURPOSES OF THE PROGRAM SHALL BE TO AUTHORIZE THE ESTABLISHMENT OF FIRST HOME SAVINGS ACCOUNTS AND TO PROVIDE GUIDELINES FOR THE MAINTENANCE OF SUCH ACCOUNTS TO: 1. ENABLE RESIDENTS OF THIS STATE TO BENEFIT FROM THE TAX INCENTIVE PROVIDED FOR QUALIFIED STATE FIRST HOME SAVINGS ACCOUNTS UNDER SECTION SIX HUNDRED TWELVE OF …
Sponsors
- Philip Ramos (D, 6) · primary sponsor
- Michael Benedetto (D, 82)
- Billy Jones (D, 115)
- Donna Lupardo (D, 123)
- Didi Barrett (D, 106)
- John Lemondes (R, 126)
- Amy Paulin (D, 88)
- Brian Cunningham (D, 43)
- Anna Kelles (D, 125)
- Thomas Schiavoni (D, 1)
- John McDonald (D, 108)
- Jaime Williams (D, 59)
Latest actions
- : REPORTED REFERRED TO CODES
- : REFERRED TO HOUSING
- : REFERRED TO HOUSING
Votes
- Assembly Housing Committee: Favorable refer to committee Codes (May 20, 2026): 25 yea, 0 nay, passed
Subjects: Private Housing Finance Law
Common questions
- What is A5098?
- A5098 is a bill in the New York Legislature (2025-2026 General Assembly): Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.
- What does A5098 do?
- In its own words: An act to amend the private housing finance law, in relation to establishing the New York state first home savings program, which authorizes first time home buyers to establish savings accounts to purchase a home; and to amend the tax law, in relation to establishing a personal income tax deduction for deposits into such accounts.
- What is the status of A5098?
- In committee as of May 20, 2026. Latest action: REPORTED REFERRED TO CODES (May 20, 2026).
- Who sponsored A5098?
- Philip Ramos (D, 6), with 11 co-sponsors.
- Where is the official record for A5098?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/A5098
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.