Bill > S00572

This bill authorizes cities and towns (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 dedicated fund to support first-time homebuyers and affordable housing development through various mechanisms, including providing financial assistance up to 50% of a home's purchase price for eligible residents. To implement the program, cities and towns must first adopt a comprehensive housing plan that considers principles such as public investment, sustainable development, conservation, community design, and equitable housing distribution. The real estate transfer tax would be set at up to 0.5% of the property's sale price and must be used exclusively for the community housing fund. The bill includes detailed provisions about fund management, eligible expenses, advisory board composition, and specific requirements for housing assistance, such as ensuring that assisted properties remain affordable for future buyers. The tax and program have built-in sunset provisions, with the section authorizing the tax set to expire on December 31, 2045, providing a long-term but not permanent framework for local affordable housing initiatives.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S572