Affordable Housing Fund | The Star of East Hampton
East Hampton Town supervisor Peter Van Scoyoc has spoken out in favor of state legislation that would pave the way for a dedicated affordable housing fund, according to a city hall statement.
The proposed law, known as the Peconic Bay Region Community Housing Fund Act, would allow the five cities of the East End to hold public referendums on fundraising for affordable housing, via a half percent addition to the housing tax. existing real estate transfer of 2% of the community preservation fund. .
The Housing Fund Act was passed by the state legislature, but is to be enacted by Governor Kathy Hochul. This would allow voters in each of the participating East End cities to have the final say in establishing the fund. Each city would first create a housing plan to show the community how the fund would work.
The legislation would also reduce property transfer taxes for nearly a third of all transactions. In East Hampton, this would reduce the existing transfer tax on transactions by $ 1 million or less, raising money for both the community preservation fund and the housing fund largely through the sale of high end properties.
The supervisor signed a letter to be sent to the governor by Assembly member Fred W. Thiele Jr., a sponsor of the legislation. The housing fund, said Thiele in the letter, “will increase financial resources to meet the critical demand for affordable housing in the Peconic Bay area.”
âAffordable housing remains a pressing need in our community in order to welcome members of our workforce and the youth who are at the heart of a vibrant and diverse community year round,â said Mr. Van Scoyoc. in a statement released on Monday. âA continued source of funding for affordable housing projects will allow us to move forward more quickly with a variety of projects without unduly burdening taxpayers.
A surge in house prices after the start of the Covid-19 pandemic has exacerbated the shortage of housing for the workforce in the city, worsening traffic due to workers coming from the island and creating a shortage of workers. workers for local businesses and volunteers for fire and rescue.
The city recently purchased land at 395 Pantigo Road in East Hampton and on Route 114 in Wainscott for affordable housing. The East Hampton Housing Authority is also planning an affordable housing development off Three Mile Harbor Road in East Hampton.