NY A07922

Authorizes the Town of Rochester in Ulster County to establish a community housing fund to provide affordable housing opportunities for eligible individuals with household incomes at or below 100% of income limits set by the NY State Mortgage Agency for the county

Creates a supplemental real estate transfer tax of 0.5% on property conveyances exceeding $500 in consideration, subject to mandatory voter referendum, with revenues deposited into the community housing fund

Permits fund expenditures for financial assistance (grants or loans up to 50% of purchase price) to first-time homebuyers, production of affordable housing for sale or rental, rehabilitation of existing buildings, and housing counseling services

Establishes a 7-15 member advisory board including representatives from construction, real estate, banking industries, and housing advocacy organizations to oversee the housing plan and fund recommendations

Requires adoption of a town housing plan incorporating smart growth principles before any fund expenditures, with the plan updated at least every five years and ensuring equitable distribution of community housing across all town communities