NY A00331

Authorizes cities and towns (excluding New York City) to establish community housing funds through local law, funded by a supplemental real estate transfer tax of up to 0.5% on property conveyances exceeding $500, subject to mandatory voter referendum

Fund proceeds may be used to provide grants or loans (up to 50% of purchase price) to first-time homebuyers who are residents or employees of the municipality, with income limits set at 100% of SONYMA low interest rate loan program limits

Permits funding for production, rehabilitation, and maintenance of community housing for eligible individuals, including accessory apartments, through direct municipal action or public/private partnerships complying with NYS Affordable Housing Corporation profit guidelines

Requires municipalities to adopt a housing plan addressing smart growth principles including infrastructure costs, conservation, mixed-use development, and equitable distribution of community housing before expending any funds

Creates a 7-15 member advisory board including representatives from construction, real estate, and banking industries plus housing advocacy organizations to review the municipal housing plan, with village participation in town funds being optional