This month, New York State Assemblyman Fred Thiele
introduced legislation that, if enacted, will authorize East End towns to establish community housing revolving loan funds to help first-time home buyers. The legislation is an attempt to prevent the "affordability gap" - to use Thiele's words - from growing in the coming years. The revolving loan funds would allow prospective, first-time buyers to receive a loan of up to 50 percent of the purchase price.
The legislation applies to the towns of East Hampton, Southampton, Riverhead, Shelter Island, and Southold and applicants for loans must be residents of or employed in the town in order to be eligible. It is estimated that this fund could provide up to $20 million annually to homebuyers.
Thiele cites an increase in Hamptons' median home prices of 7.6 percent in 2017, changes in federal tax laws, and popularity of home-sharing services such as Airbnb as factors contributing to this growing gap. "The demand for luxury and seasonal housing has driven housing costs beyond the reach of most moderate income and working class local residents," stated Thiele.
"We are losing the most precious resource that makes our communities special. Many residents, including young families who are educated in our local schools, are leaving the area for places with more affordable housing costs," said Thiele. Rather than build more homes to increase affordability and accessibility (which may not be the most viable option given "environmental constraints" on the East End), Thiele sees a solution with the revolving fund - a "tool" that will help middle class and working class residents of the East End.
Increasing housing costs have impacted business and volunteer organizations as well. "Local employers are having difficulty hiring and retaining employees. Local volunteer emergency services agencies are experiencing difficulty in recruitment and retention of volunteers. Schools are experiencing declining enrollments." explained Thiele. Additionally, with a recent change in federal tax law, deductions are now capped at $10,000 for state and local taxes, which will make the purchasing of a home more difficult for first-time buyers.
The legislation stipulates that a loan be re-payed if the home is put up for sale. Payments will be received by the loan fund and used to assist other homebuyers. The town can also use the fund to provide counseling to first-time buyers. If a town decides to establish a revolving loan fund, there would be a mandatory referendum before the town can pass a local law authorizing the fund.
As this legislation is only in its early stages, Thiele hopes to receive feedback from the community that will inform the finalizing of this bill. "It is my intent to meet with the Towns and all stakeholders in the coming weeks and months to gain as much public input as possible. I will incorporate that input into final legislation before any action is taken in Albany."
The next steps in this process include introducing the bill to the State Assembly, meeting with towns and stakeholders, reviewing the language used in the bill, legislative action, and a referendum.
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!
For over 100 years Bridgehampton Bank has been the East End's hometown bank. Many success stories...one bank, BNB!
Hamptons Carpet One Floor & Home
We pay less,and so do you.With over 1,000 stores in our buying group, we can get the lowest prices
from the best flooring manufacturers — and pass the savings on to you.Visit our other locations: Hamptons Carpet One Floor & Home, 675 North Sea Road,Southampton, NY 11968
Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff.
Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.
CP Complete- Landscape Design & Construction
Paul Guillo And Chris Hall
Two Of The Most Respected Names In The Community
Together, they are partners in CP Complete. They bring their years of experience
and integrity to creating and renovating luxury backyards.
Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field.
Hamptons luxury real estate specialist for 34 years, Andrea Ackerman offers outstanding expertise in the field. Trusted, experienced and successful, Andrea has solidified herself as the go-to broker of the Hamptons and a wholehearted advocate for her clients. A pioneer in the real estate industry on the East End of Long Island, she is driven by her passion for the business. Andrea is based in the Bridgehampton office of Brown Harris Stevens as a licensed real estate associate broker and consultant.
Formerly, a principal partner and Senior Director at Brown Harris Stevens, Andrea now assists in developing their corporate strategy for the Hamptons region, advising other brokers and sales associates, as well as being one of the top producers and listors.
Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.
Burner Law Group, P.C.
Burner Law Group, P.C. are full service elder law attorneys concentrating in the areas of Estate Planning, Trust and Estate Administration and Litigation, Special Needs Planning, Guardianship and Elder Law. Offices in East Setauket‚ NY, Westhampton Beach, NY, and New York, NY.