Bill > A07922

This bill establishes a community housing fund in the town of Rochester, Ulster County, to provide affordable housing opportunities for residents. The bill authorizes the town to create a local fund that can be financed through a supplemental real estate transfer tax of 0.5% on property sales over $500. The fund can be used for several housing-related purposes, including providing financial assistance to first-time homebuyers (up to 50% of a home's purchase price), producing community housing for sale or rental to eligible individuals, rehabilitating existing buildings for housing, and acquiring property for housing development. To qualify for assistance, individuals must have an income at or below 100% of the county's income limits for low-interest mortgage programs. The town must establish an advisory board to oversee the housing plan and develop a comprehensive strategy that follows smart growth principles, such as promoting sustainable development, conservation, community design, and transportation choices. The housing plan must ensure equitable distribution of housing opportunities and maintain affordability for subsequent homeowners. The bill includes detailed provisions for tax collection, fund management, and administrative procedures to implement the community housing program.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7922