CPF Exemption Eases Financial Burden
Senator Kenneth P. LaValle today announced that legislation he sponsored to provide financial relief to first-time home buyers has been signed into law. The law, which was sponsored by Assemblyman Thiele in the Assembly, exempts primary residential property being purchased by a first-time home buyer in Southampton, Shelter Island, or East Hampton from the Peconic Bay Community Preservation Fund (CPF) real estate transfer tax.
According to Senator LaValle, the new law would exempt first-time home buyers who meet certain eligibility criteria from paying the tax on primary residential property purchases. The property purchase price and income limits would be defined by the State of New York Mortgage Agency (SONYMA) low interest rate mortgage program in the non-target one family category for Suffolk County.
"This law will help many young families achieve their goal of living on the East End as well as benefit the local community," said Senator LaValle. "It is often our young people who serve in volunteer emergency service positions and provide the senior community with much-needed services. However, the cost of a home on the East End has become unaffordable for many people who are just starting out. By exempting first-time home buyers from the CPF, they will be able to consider buying a home that may have been financially out of reach."
In addition, the Senator and Assemblyman sponsored a separate measure, which was also signed into law, to provide additional fiscal oversight and controls of the Peconic Bay Community Preservation Fund. This law will ensure that the original intent of the law is achieved and that the revenues generated are used to protect the community character.
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