Community Preservation Fund Revenue In 2020 Is All-Time High - 27 East

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Community Preservation Fund Revenue In 2020 Is All-Time High

authorStaff Writer on Jan 15, 2021

Peconic Bay Region Community Preservation Fund revenue continued to amass at a record pace in November, as the five East End towns collected $15.5 million during the month, bringing the total haul for the first 11 months of 2020 up to $118.11 million — more than any full year in the history of the program founded in 1999.

Revenue was 70.5 percent higher than the same months in 2019, noted New York State Assemblyman Fred W. Thiele Jr., and November 2020’s $15.5 million total was the second-best month ever, behind October 2020’s $17.93 million. In November 2019, revenue was just $5.95 million.

The previous record year for CPF revenue was 2014, when $107.69 million was added to town coffers.

Each of the five East End towns manages its own CPF, which is funded through a 2 percent tax on real estate transfers. When the real estate market is hot — as it has been on both the South Fork and the North Fork during the pandemic — CPF revenues go up, too, giving the towns more money to spend on open space preservation and water quality.

Southampton Town had the greatest year-over-year gains. There, revenue through November was up 85.7 percent in 2020, to $68.69 million. In East Hampton, revenue rose 66 percent to $34.69 million.

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