Senator Kenneth P. LaValle (R,C,I-Port Jefferson) and Assemblyman Robert K. Sweeney (D-Lindenhurst) today announced that legislation they sponsored to allow municipalities to continue the tax exemption for first-time home buyers of newly constructed homes has passed both chambers of the New York State Legislature. The bill will now go before Governor Cuomo for signature.
“Young, working families have a very hard time trying to meet the costs associated with the purchase of their first home. This legislation will make it easier for families to move from renter to homeowner,” said Sweeney.
Southold would now join East Hampton, Southampton, and Shelter Island in assisting first-time primary homebuyers
June 26, 2014 – Senator Ken LaValle and Assemblyman Anthony Palumbo report that the legislation they sponsored to exempt first-home buyers from the Community Preservation Fund (CPF) transfer tax in Southold has passed both houses of the Legislature. The bill is designed to assist low and moderate-income residents in the purchase of their first, primary home.