NY S08267

Authorizes the Town of Rochester in Ulster County to establish a community housing fund through a local law, funded by a supplemental real estate transfer tax of 0.5% on property conveyances exceeding $500, subject to mandatory voter referendum

Defines eligible recipients as households earning up to 100% of income limits set by the NYS Mortgage Agency for Ulster County, with "community housing" capped at 150% of state mortgage agency purchase price limits

Permits fund expenditures for first-time homebuyer assistance (grants or loans up to 50% of purchase price), production of affordable housing for sale or rent, rehabilitation of buildings for community housing, and HUD-authorized housing counseling services

Requires establishment of a 7-15 member advisory board including representatives from construction, real estate, and banking industries plus three housing advocacy representatives, and mandates adoption of a town housing plan incorporating smart growth principles before any fund expenditures

Provides tax exemptions for certain transfers including conveyances to government entities, gifts, properties with conservation easements, viable agricultural land with development restrictions, and an exemption equal to the median residential sales price in the county