S1157

The New York State Senate passed legislation sponsored by Sen. Cooney to establish a First Home Savings Program designed to make homeownership more affordable for first-time buyers across the state. The bill, which amends the Private Housing Finance Law, would allow prospective homebuyers to deduct state income tax for deposits made into dedicated savings accounts for home purchases. The measure passed on a roll call vote, 61-0. Cooney argued the program addresses a critical affordability crisis in New York communities, particularly in Rochester, by incentivizing savings and building generational wealth. He characterized homeownership as essential for family stability and community strength, and as a tool to combat poverty cycles. The bill takes effect 180 days after becoming law.