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Hearing Scheduled on Housing Trust Exemption

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Hearing Scheduled on Housing Trust Exemption

Tuesday, October 18, 2016

The Legislature, without dissent or discussion, scheduled a November 1st hearing on a proposal to opt-in on a new Local Law that would provide a restricted sale price exemption on houses subject to a housing trust; the exemption covering the difference between the restricted resale price of the housing and the property’s fair market value. The New York State Legislature, at the Legislature’s request, passed a new section of the Real Property Tax Law to allow for the exemption. The Legislature requested the exemption option as a way for the County to encourage affordable housing.