2023 New York Laws › TWN - Town › Article 4 - Town Boards › 64-K - Peconic Bay Region Community Housing Fund.

§  64-k. Peconic Bay region community housing fund. 1. Definitions. As
used in this section, the following  words  and  terms  shall  have  the
following meanings:
(a)  "Peconic  Bay region" means the towns of East Hampton, Riverhead,
Shelter Island, Southampton, and Southold.
(b) "Community housing" means a primary residential  property  for  an
eligible  individual  that  does not exceed one hundred fifty percent of
the purchase price limits established by the state of New York  mortgage
agency  low  interest  rate  loan  program  in non-target categories for
Suffolk county in effect on the contract  date  for  the  sale  of  such
property.
(c)  "Board"  means the advisory board created pursuant to subdivision
six of this section.
(d) "Fund" means the community housing  fund  authorized  pursuant  to
subdivision two of this section.
(e)  "First-time  homebuyer"  means an eligible individual who has not
owned a primary residential property and is not married to a person  who
has  owned  a residential property during the three-year period prior to
his or her purchase of the primary residential property,  and  who  does
not own a vacation or investment home.
(f)  "Primary residential property" means any one or two family house,
townhouse, or condominium.
(g) "Eligible individual" means a household with an income  that  does
not  exceed  one  hundred percent of the income limits as established by
the state of New York mortgage agency low interest rate loan program  in
non-target  categories for Suffolk county in effect on the contract date
for the sale of such property.
2. Fund authorized. The town board of any  town  in  the  Peconic  Bay
region is authorized to establish by local law a community housing fund,
pursuant  to  the provisions of this section. Deposits into the fund may
include revenues of the local government from whatever source, including
but not limited to: (a) all revenues from the supplemental  real  estate
transfer  tax  authorized by subdivision two of section fourteen hundred
forty-nine-bb of the tax law; (b) all proceeds from any indebtedness  or
obligations  issued  pursuant  to  the  local  finance law for community
housing opportunity purposes as authorized in subdivision three of  this
section;  (c)  general  fund  balances  or  surpluses;  (d) any proceeds
received by the local government from the sale or  rental  of  community
housing  produced  from  revenues  of the fund; (e) the repayment of any
loans issued from proceeds of the fund; (f) any gifts  of  interests  in
land  or funds; and (g) any state or federal grants received by the town
for providing affordable homes.
3. Purposes of the fund. The proceeds of the fund established pursuant
to subdivision two of this section shall be utilized for  the  following
purposes:
(a) the provision of financial assistance to first-time homebuyers who
are  residents  of  the  town  for  the  purchase  of a first home. Such
financial assistance may be in the form of a grant or a loan.
(1) A town may provide financial assistance  for  the  purchase  of  a
first  home  to  a first-time homebuyer who is a resident of the town or
who is employed in the town. A resident of  the  town  shall  include  a
person who is currently a resident of the town or a non-resident who has
been a resident within the past five years.
(2)  Such  financial  assistance shall not exceed fifty percent of the
purchase price of the home.
(3) If such financial assistance is in the form of a loan,  such  loan
shall  be  repayable to the town pursuant to the terms agreed to between

the recipient and the town, provided that any loan shall be fully repaid
by the recipient upon the resale of the home.
(4)  For  the  purposes  of  calculating  town  tax liability for such
property, only, the dollar amount of any financial  assistance  for  the
purchase of a first home made by the town pursuant to this section shall
be subtracted from the full equalized assessed value of such property.
(5)  All  revenues  received  by the town from the repayment of a loan
shall be deposited in the fund.
(6) A town may provide financial assistance for community  housing  in
conjunction  with  a  public/private  partnership  for employer assisted
housing.
(b) the actual production of community housing for  sale  to  eligible
individuals by the town;
(c)  the  actual  production of community housing for sale to eligible
individuals in conjunction with a public/private partnership, where  the
private  partner  agrees to comply with the profit guidelines of the New
York state affordable housing corporation and  the  provisions  of  this
section;
(d)  the  actual  production  and maintenance of community housing for
rental to eligible individuals either by the town or  the  town  housing
authority;  or  in  conjunction with a public/private partnership, where
the private partner agrees to comply with the profit guidelines  of  the
New York state affordable housing corporation and the provisions of this
section;
(e)  the  rehabilitation  of  existing buildings and structures in the
town for the purpose of conversion to  community  housing  for  sale  or
rental to eligible individuals;
(f)  the acquisition of interests in real property in existing housing
units, which will result in the production of community housing for sale
or rental to eligible individuals; and
(g) the provision of housing  counseling  services  by  not-for-profit
corporations  who  are  authorized  by  the  United States department of
housing and urban development to provide such services.
4. Fund management. Interest accrued by monies deposited into the fund
shall be credited to the fund. In no event shall monies  deposited  into
the  fund be transferred to any other account. Nothing contained in this
section shall be construed to prevent the financing in whole or in part,
pursuant to the local finance law, of any purpose authorized pursuant to
this section. Monies from the fund may be utilized to repay indebtedness
or obligations incurred pursuant to the  local  finance  law  consistent
with effectuating the purposes of this section.
5.  Eligible  expenses.  For  the  purposes  of this section, eligible
expenses relating  to  the  production  of  community  housing  and  the
rehabilitation of existing buildings and structures under the fund shall
include  but  not be limited to land acquisition, planning, engineering,
construction costs, and other hard and soft costs  directly  related  to
the construction, rehabilitation, purchase or rental of housing pursuant
to  this  section.  All  revenues  received by the town from the sale or
rental of community homes, or the repayment of loans shall be  deposited
in the fund.
6.  Advisory  board  established.  The  town  board of any town in the
Peconic Bay region  which  has  established  a  community  housing  fund
pursuant  to  this  section shall create an advisory board to review and
make  recommendations  regarding  the  town's  community  housing   plan
required  by subdivision seven of this section. Such board shall consist
of not less than seven nor more than  fifteen  legal  residents  of  the
municipality  who  shall  serve  without  compensation. No member of the
local legislative body shall serve on the board. The board shall include

a representative of: (a) the construction industry; (b) the real  estate
industry;  (c)  the banking industry; and three representatives of local
housing advocacy or human services organizations.  Where  a  village  or
villages,  located  within  the town, have elected to participate in the
fund, as provided in subdivision seven of this section, the board  shall
include  at  least  one resident of a participating village or villages.
Where an Indian nation is located within the boundaries of a  town,  the
board  shall  include  at  least  one member from such nation. The board
shall act in an advisory capacity to the town board.
7. Adoption of housing plan. (a) Before a  town  in  the  Peconic  Bay
region  may  expend  any  funds pursuant to this section, the town board
shall  first  adopt  a  town   housing   plan   which   establishes   an
implementation plan for the provision of community housing opportunities
by  the  fund.  Said plan shall be adopted by local law. Such plan shall
adhere to the following smart growth principles:
(1) Public investment. To account for and minimize  social,  economic,
and  environmental  costs  of  new development, including infrastructure
costs such as transportation, sewers, and wastewater  treatment,  water,
schools, recreation, and loss of open space and agricultural land;
(2)   Development.   To   encourage   development   in   areas   where
transportation,  water,  and  sewage  infrastructure  are  available  or
practical;
(3)  Conservation.  To  protect,  preserve,  and  enhance  the state's
resources,  including  agricultural  land,  forests,   surface   waters,
groundwater,  recreation  and  open space, scenic areas, and significant
historic and archeological sites;
(4)  Coordination.  To  promote  coordination  of  state   and   local
government  decisions  and  cooperation among communities to work toward
the most efficient, planned and cost-effective  delivery  of  government
services  by,  among  other  means,  facilitating cooperative agreements
among  adjacent  communities,  and  to  coordinate  planning  to  ensure
compatibility   of  one's  community  development  with  development  of
neighboring communities;
(5) Community design. To strengthen  communities  through  development
and  redevelopment strategies that include integration of all income and
age groups,  mixed  land  uses,  and  compact  development,  traditional
neighborhood   development,   planned   unit   development,  open  space
districts, downtown revitalization, brownfield  redevelopment,  enhanced
beauty  in  public  spaces,  and  diverse and community housing in close
proximity  to  places  of   employment,   recreation,   and   commercial
development;
(6)  Transportation.  To  provide  transportation  choices,  including
increasing public transit and alternative modes  of  transportation,  in
order   to   reduce   automobile  dependency,  traffic  congestion,  and
automobile pollution;
(7) Consistency. To ensure predictability in  building  and  land  use
codes; and
(8)  Community  collaboration.  To  provide  for  and  encourage local
governments to develop, through a collaborative community-based  effort,
smart   growth  plans  that  include  long  term  land  use  and  permit
predictability and coordination, efficient decision making and  planning
implementation.
(b)  Such  plan  may  include  the establishment of a map or maps that
delineate the housing implementation  recommendations  proposed  by  the
town.
(c) Such plan shall be updated at least once every five years.
(d)  The  town  housing  plan  shall  be  an  element  of  the  town's
comprehensive plan.
(e) Such plan shall ensure that all community housing created pursuant
to this  section  remains  affordable.  Subsequent  purchasers  of  such
community  housing  shall  have at the time of purchase, pursuant to the
definition "eligible individual", an income that  does  not  exceed  one
hundred  percent of the income limits as established by the state of New
York mortgage agency  low  interest  rate  loan  program  in  non-target
categories for Suffolk county.
(f)  Such  plan  shall  provide  for  the  equitable  distribution  of
community housing opportunities among all the communities of  the  town.
The  plan  shall  ensure that no community has an undue concentration of
community housing  opportunities  that  would  substantially  alter  the
character  of  the  community.  In determining equitable distribution of
community   housing   opportunities,    existing    community    housing
opportunities in a community shall be considered.
8.  Village participation. (a) The participation of any village in the
production of community housing authorized by this section shall  be  at
the option of the village. In order to participate, a village shall pass
a resolution opting into the program and shall submit said resolution to
the town board.
(b)  Where a village opts to participate pursuant to this subdivision,
an intergovernmental agreement shall be  executed  pursuant  to  article
five-G of the general municipal law or other applicable legal authority,
in order to establish the rights and responsibilities of each government
regarding community housing opportunities.
(c)  Regardless  of  whether  a  village  participates  in the program
authorized by this section, properties in the village shall  be  subject
to  the  supplemental real estate transfer tax authorized by subdivision
two of section fourteen hundred forty-nine-bb of the tax law.