On August 8th, New York Governor Kathy Hochul signed new laws promoting homeownership affordability for elderly and first-time home buyers alongside State Senate Majority Leader Andrea Stewart-Cousins and other Westchester government figures.
One proposal raised the income threshold for seniors (age 65 and over) and those with disabilities to seek a property tax exemption, and it was sponsored by State Senate Majority Leader Stewart-Cousins. It permits towns outside of New York City to raise the threshold for qualifying from $29,000 to $50,000.
“It’s our duty to ensure that seniors can live in comfort and dignity for the remainder of their days,”
Andrea Stewart-Cousins
Stewart-Cousins explained that the bill she sponsored would “help alleviate the burden placed on those with financial constraints and protect the assets of seniors and other vulnerable populations.”
Additionally, a bill known as RESTORE, which stands for Residential Emergency Services to Offer (Home) Repairs to the Elderly, was signed into law. RESTORE would give low and moderate-income senior homeowners in need of emergency repairs greater advantages on a more flexible schedule. The maximum amount that may be spent on a single project has doubled from $10,000 to $20,000, and project deadlines have been extended to 60 days.
Through 2028, a third law gives local governments the option to exclude first-time homebuyers from paying property taxes on newly built houses. At the conclusion of this year, the option would have been forfeited.
