Community Preservation Fund Revenue Up 113 Percent To $113.5 Million For First Half Of 2021 - 27 East

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Community Preservation Fund Revenue Up 113 Percent To $113.5 Million For First Half Of 2021

authorStaff Writer on Jul 27, 2021

The Peconic Bay Community Preservation Fund brought in $113.5 million in the first half of 2021, a 113 percent increase over the first half of 2020.

Across the five East End towns, total CPF revenue in June was $19.8 million, compared with $7.88 million the same month a year earlier. That’s a 151 percent increase.

“Revenues for the CPF continue to reflect the significant increase in real estate activity on the East End since the advent of the COVID-19 pandemic,” New York State Assemblyman Fred W. Thiele Jr. said in a statement. “This marks the 11th straight month that revenues have exceeded $10 million per month. The last 9 months have all exceeded $15 million per month. It has been reported that because of declining inventory, rising prices, and the end of emergency pandemic measures, that new contract activity has slowed recently from pandemic highs. This is yet to be reflected in these revenue numbers but should be anticipated in coming months.”

Southampton Town’s haul for the first half of this year was $62.96 million, a 95.3 percent increase, while East Hampton Town brought in $38.14 million, a 165 percent increase.

The CPF tax — a 2 percent tax on real estate transactions — has generated $200 million for open space preservation, water quality protection and related purposes in the last 12 months, according to Mr. Thiele’s office. Since its inception in 1999, it’s raised $1.71 billion.

In the entire year of 2020, the CPF collected $139.42 million. Revenue was $98.97 million in 2018 and $77.88 million in 2019.

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