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1. What is the Peconic Bay Region Community Housing Act?

The Peconic Bay Region Community Housing Act allows each of the five East End towns to create a dedicated Community Housing Fund (CHF) to assist with affordable housing initiatives.

2. How is the Community Housing Fund financed?

• The primary source of funding are revenues derived from a 0.5% real estate transfer fee paid by the purchaser – not the seller - similar to the Community Preservation Fund transfer fee.
• The Fund is not financed from property taxes.
•  All revenues received by the Town from the repayment of a Community Housing Fund loan will be deposited back into the fund.

3. Are there exemptions from paying the real estate transfer fee?

• The exemption will be $200,000 on properties of $2 million or less. 
• Certain first-time homebuyers (depending on their household income and the purchase price of the property) are exempt from paying the transfer fee.

4. What is Community Housing?

A variety of housing opportunities for individuals and families of various economic means. According to the act, the term “Community Housing” encompasses income limits associated with affordable housing and also includes higher income brackets that don't typically qualify for housing assistance.

5. How can the Community Housing Fund money be used?

• financial assistance to first-time homebuyers as a grant or loan 
• acquisition of existing units for community housing (sale or rental)
• production of community housing for sale
• production and maintenance of community housing for rent
• creation and maintenance of community housing through public/private partnerships
• provision of housing counseling services
• rehabilitation of existing buildings and structures for conversion to community housing for sale or rental

6. How will the Community Housing be kept affordable?

All community housing created by the Fund shall remain affordable for future generations by the placement of legally binding restrictions.

7. Who decides what the Community Housing Fund is used for?

• Southold Town has appointed a Community Housing Advisory Board consisting of representatives from the fields of: construction, real estate, banking, human services, and housing advocacy. In addition, there are specific representatives from Fisher’s Island and the Village of Greenport. The advisory board’s role is to review and make recommendations for the Town’s Housing Plan specifically related to Community Housing. 
• Ultimately the Housing Plan will be open for public comment and up for adoption by the Town Board.

8. How was the Community Housing Fund created?

• The creation of this Fund was enacted by a local law following the voters’ approval in a Town -wide mandatory referendum on the November 8th 2022 ballot. 
• The funds will start to be collected by Suffolk County beginning April 1, 2023.
• The Town Board needs to adopt the Town Housing Plan before expending any funds.

9. How can I share my opinion?

The Town Housing Plan is currently being drafted and will be open for public comment before adoption by the Town Board.

10. Where can I get further information?

For further information on the Peconic Bay Region Community Housing Act go to: https://www.nysenate.gov/legislation/bills/2021/A2633