BILL NUMBER: S8267
SPONSOR: OBERACKER
 
TITLE OF BILL:
An act to amend the town law and the tax law, in relation to authorizing
the town of Rochester to establish community housing funds to be funded
by a supplemental real estate transfer tax
 
PURPOSE:
Establishes a community housing fund in the town of Rochester, county of
Ulster
 
SUMMARY OF PROVISIONS:
Section 1: Titles the bill the "Town of Rochester Community Housing
Act."
Section 2: Amends the town law by adding a new section 64-1, permitting
the town to create a community housing fund, defines terms, authorizes
the fund, sets purposes of the fund, fund management, and eligible
expenses, establishes an advisory board, requires the adoption of a
housing plan, and gives the option of village participation.
Section 3: Amends the tax law by adding a new article 31 -.I, permits a
tax on real estate transfers in the town
Section 4: Effective Date
 
EXISTING LAW:
Click here
 
JUSTIFICATION:
The town of Rochester, like many communities, faces significant chal-
lenges in providing affordable housing options. Rising housing costs and
limited availability have created barriers for local residents seeking
homeownership. This bill enables the town to generate dedicated revenue
to support housing initiatives, ensuring sustainable and inclusive
community growth. By establishing a housing fund, the town can directly
assist eligible residents, promote homeownership, and strengthen the
local economy.
 
LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
No fiscal impact on the state. The fund is financed through the supple-
mental real estate transfer tax.
 
LOCAL FISCAL IMPLICATIONS:
No fiscal impact on the state. The fund is financed through the supple-
mental real estate transfer tax.
 
EFFECTIVE DATE:
This act shall take effect immediately.