On August 8, I was pleased to join Governor Kathy Hochul in Yonkers for a bill signing at Dayspring Community Center. The newly signed legislation aims to help keep seniors in their homes and to support first time homebuyers.
The legislative package included:
- S.3085A/A.3956A, sponsored in the Senate by Majority Leader Andrea Stewart-Cousins, allows municipalities to increase the maximum income eligible for New York's real property tax exemption to $50,000 for people age 65 and over and people with disabilities. Previously, the maximum income eligible was $29,000 per year outside of New York City for seniors and people with disabilities.
- S.8890/A.9135, sponsored in the Senate by Senator Brian Kavanagh, extends the option for local municipalities to provide a property tax exemption for first-time homebuyers purchasing newly constructed homes through 2028. Previously, the option was set to expire at the end of this year.
- S.9193/A.10271, sponsored in the Senate by Senator Michelle Hinchey, provides greater benefits on a more flexible timeline for senior homeowners in need of emergency repairs by increasing the deadlines for RESTORE projects to 60 days and the maximum cost allowed per project to $20,000.
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