Bill > S08267

This bill establishes a community housing fund in the town of Rochester, Ulster County, with the goal of providing affordable housing opportunities for residents. The bill allows the town to create a 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 various housing-related purposes, including providing financial assistance to first-time homebuyers, producing community housing for sale or rental, rehabilitating existing buildings, and acquiring property to create affordable housing. First-time homebuyers can receive up to 50% of a home's purchase price as financial assistance, which must be repaid upon resale of the property. The bill requires the town to establish an advisory board to oversee the housing plan and mandates that the town develop a comprehensive housing strategy that adheres to smart growth principles, such as preserving open spaces, promoting community design, and ensuring affordable housing opportunities are equitably distributed. The housing plan must be updated every five years and ensure that all community housing remains affordable by maintaining income restrictions for subsequent purchasers.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8267