Bill > A00331

This bill authorizes cities and towns in New York (except those with a population of one million or more) to establish community housing funds and impose a supplemental real estate transfer tax to support affordable housing initiatives. The bill allows local governments to create a fund that can receive revenues from various sources, including a new real estate transfer tax of up to 0.5% on property conveyances. The funds can be used for several purposes, such as providing financial assistance to first-time homebuyers, producing community housing, rehabilitating existing buildings, and supporting housing counseling services. To implement the program, cities and towns must adopt a local law establishing a community housing fund and create an advisory board to review housing plans. The housing plan must adhere to specific principles, including promoting sustainable development, conservation, community design, and equitable housing distribution. The bill requires that community housing remains affordable by ensuring subsequent purchasers meet income and eligibility requirements. Villages within towns can opt to participate in the program through a resolution and intergovernmental agreement. The bill includes detailed provisions for tax collection, exemptions, and administrative procedures, and is set to take effect immediately with section two of the act expiring on December 31, 2045.

Budget and Finance, Government Affairs, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A331