NY A03533

Authorizes cities and towns (excluding New York City) to establish community preservation funds through local law, funded by a real estate transfer tax of up to 2% on property sales exceeding $500, plus an optional supplemental tax of up to 0.5% for community housing

Fund revenues must be used exclusively for preserving community character, including establishing parks, protecting open space and agricultural lands, preserving wetlands, aquifer recharge areas, beaches, wildlife habitat, historic properties, and implementing water quality improvement projects

Requires creation of a 5-7 member advisory board with demonstrated conservation or water quality experience to review proposed land acquisitions and projects, and mandates adoption of a community preservation project plan updated at least every five years

Limits management and stewardship expenditures to 10% of the fund, requires annual independent audits submitted to the state comptroller, and restricts sale or disposal of acquired lands without express legislative authority

Provides exemptions from the transfer tax for properties already under conservation easements, agricultural development restrictions, conveyances to government entities, gifts, and allows local governments to establish a community housing exemption up to the county's median residential sale price