Bill > S09674

This bill authorizes cities and towns, excluding those with a population of one million or more, to establish "community housing funds" which can be used to support affordable housing initiatives. These funds can be financed through various sources, including a new real estate transfer tax that these municipalities can impose, with revenues specifically earmarked for the fund. The bill defines key terms like "community housing" (primary residential property for eligible individuals), "first-time homebuyer," and "eligible individual" (defined by the local governing body with income limits). The funds can be used for financial assistance to first-time homebuyers, the production and rehabilitation of community housing, and housing counseling services. To implement these programs, cities and towns must adopt a comprehensive housing plan that addresses public investment, development, conservation, coordination, community design, transportation, consistency, and community collaboration. The bill also includes provisions for village participation in town housing funds and details the imposition, payment, and exemptions related to the real estate transfer tax, which is set to expire on December 31, 2045.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S9674