NY Governor Kathy Hochul, with State Senate Majority Leader Andrea Stewart-Cousins and other Westchester elected officials, signing affordability bills for seniors and first-time homebuyers.
Other measures signed will strengthen housing affordability for seniors and first-time homebuyers
On Augusut 8, New York Governor Kathy Hochul signed a package of bills into law that address housing affordability for senior homeowners and first-time homebuyers.
One measure, sponsored by State Senate Majority Leader Stewart-Cousins, increases the income level for seniors, 65 and over, and those with disabilities to apply for a property tax exemption. It allows municipalities outside of New York City to increase the income eligibility level to $50,000, up from $29,000.
“After a lifetime of contributions, it’s our duty to ensure that seniors can live in comfort and dignity for the remainder of their days,” Stewart-Cousins said. “My bill helps in that goal by expanding the property tax exemption eligibility for those 65 and older, and for those who are disabled and face limited income. This will help alleviate the burden placed on those with financial constraints and protect the assets of seniors and other vulnerable populations.”
Also signed is a bill that will provide greater benefits on a more flexible timeline for low- and moderate-income senior homeowners in need of emergency repairs through the Residential Emergency Services to Offer (Home) Repairs to the Elderly program, known as RESTORE. Project deadlines have been increased to 60 days and the maximum cost allowed per project will double from $10,000 to $20,000.
A third bill extends the option for local municipalities to provide a property tax exemption for first-time homebuyers purchasing newly constructed homes through 2028. The option would have expired at the end of this year.
“Today I signed legislation to put money back in the pockets of New York homeowners and help seniors and families stay in their homes. With inflation and rising costs putting a strain on families nationwide, these new laws will help ensure that New Yorkers get much-needed relief,” said Gov. Hochul.
