Governor Kathy Hochul signed a legislative package boosting housing affordability into law on Monday.
The three bills enable local municipalities to expand eligibility for the property tax exemptions for those older than 65, people with disabilities, people with limited income, and first-time homebuyers, and they they provide more time and increased spending on emergency home repairs for low-to-moderate-income seniors.
“I am proud to sign these bills to put money back in the pockets of New York homeowners and help seniors and families stay in their homes,” Hochul said in a statement on Monday. “With inflation and rising costs putting a strain on families nationwide, this legislation will help to ensure that New Yorkers — from seniors to first-time homebuyers — get some much-needed relief.”
The home repair program is known as RESTORE, an acronym for Residential Emergency Services to Offer (Home) Repairs to the Elderly. It provides financial help for homeowners age 60 and over to make repairs that allow them to continue living independently in their homes. The legislative package increases the deadline for RESTORE projects to 60 days and raises the maximum cost per project to $20,000.
The maximum annual income for the real property tax exemption for people age 65 and older and people with disabilities had been raised to $50,000, up from $29,000 for recipients living outside of New York City. The first-time homebuyer property tax exemption, originally set to expire at the end of this year, has been extended through 2028.
Hochul’s state budget includes a $25 billion housing plan, with $300 million designated for the construction of new housing for seniors. The enacted budget also provides $2.2 billion in tax relief to approximately 2.5 million homeowners through the Homeowner Rebate Tax Credit. More than 2 million checks have already been delivered and the remaining checks will be sent in the coming months, according to the governor’s office.
“Like the rest of the nation, New York is struggling with the rising costs of housing and homeownership,” said New York State Homes and Community Renewal Commissioner RuthAnne Visunauskas. “By signing this package of critical legislation, Governor Hochul is taking decisive steps to improve housing affordability in our state, make first-time homeownership possible for more people, and improve funding for programs like RESTORE so that more seniors can live safely and affordably in their own homes.”
Senate Majority Leader Andrea Stewart-Cousins said: “The senior population is one of New York’s fastest growing demographics, and a source of great pride for our state. After a lifetime of contributions, it’s our duty to ensure that seniors can live in comfort and dignity for the remainder of their days. My bill helps in that goal by expanding the property tax exemption eligibility for those 65 and older, and for those who are disabled and face limited income. This will help alleviate the burden placed on those with financial constraints, and protect the assets of seniors and other vulnerable populations.”
Staff Writer on Aug 9, 2022