NY A07673

Amends General Municipal Law Section 6-s to authorize community preservation funds to be used "for any acquisition" in addition to repaying indebtedness or obligations.

Expands the permitted uses of community preservation funds established by designated communities under local law.

Community preservation funds receive revenues from local government sources and must include all revenues from real property transfer taxes under Tax Law Article 33-B.

Funds may accept gifts of land or money, with all accrued interest credited to the fund and monies remaining in the fund without transfer to other accounts.

Takes effect 180 days after becoming law.