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Housing Trust Exemption Law Approved

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Housing Trust Exemption Law Approved

Tuesday, November 1, 2016

Following a public hearing, the Legislature, by unanimous vote, approved a new Local Law opting in on a new provision of state law to 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 the new section of the Real Property Tax Law to allow for the exemption. The Legislature had requested the exemption option as a way for the County to encourage affordable housing.

At the public hearing preceding the vote, Ithaca Neighborhood Housing Services director Paul Mazzarella spoke in support, and thanked County Administrator, Assessment Director Jay Franklin, and the Legislature for pushing for the new State law, which he said was unanimously approved by the State Assembly and Senate. Before the vote, Legislator Martha Robertson thanked Mazzarella for bringing the matter to the Legislature’s attention, and Assemblywoman Barbara Lifton and State Senator Tom O’Mara for pushing the measure through their houses, saying, “This is a really important step and I appreciate everybody for working toward a solution.”