NY A08132

Authorizes towns in the Peconic Bay region (East Hampton, Riverhead, Shelter Island, Southampton, and Southold) to establish a Community Housing Opportunity Fund to provide affordable housing for residents with incomes at or below the median income level of their respective towns.

Permits towns to provide loans up to $200,000 to eligible first-time home buyers, with repayment due upon resale of the home in proportion to the original loan-to-purchase price ratio.

Authorizes towns to impose a workforce housing impact fee on new residential construction exceeding 3,000 square feet, capped at $8 per square foot of excess, with revenues deposited into the housing opportunity fund; construction restricted to workforce housing is exempt from the fee.

Requires that the local laws establishing the fund and impact fee be subject to mandatory voter referendum before becoming effective.

Fund revenues may also include state and federal grants, mortgage recording tax apportionments, development rights sales, general fund surpluses, and donations of land or funds.