Hochul Signs Bills Making Housing More Affordable For Seniors

NEW YORK — Laws strengthening housing affordability for seniors and families in New York were signed into law Monday by Gov. Kathy Hochul.

The package of bills is aimed by expanding tax relief of New York homeowners, particularly those age 60 and over.

Hochul said she was proud to sign the bills that would put money back in the pockets of New York homeowners and help seniors and families stay in their homes.

"With inflation and rising costs putting a strain on families nationwide," she said, "this legislation will help ensure that New Yorkers — from seniors to first-time homebuyers — get some much-needed relief."

The legislation includes:

• Allowing municipalities to increase the maximum income eligible for New York's real property tax exemption to $50,000 for people age 65 and older and people with disabilities. Before today, the maximum was $29,000 per year outside of New York City.
• Extending the option for local municipalities to provide a property tax exemption for first-time homebuyers purchasing newly constructed homes through 2028. Before today, the option was set to expire at the end of 2022.
• Providing greater benefits on a more flexible timeline for senior homeowners in need of emergency repairs by increasing the deadlines for Residential Emergency Service to Offer (Home) Repairs to the Elderly program — RESTORE — to 60 days and the maximum cost allowed per project to $20,000.

Senate Majority Leader Andrea Stewart-Cousins said the bills will help alleviate the burden placed on those with financial constraints and protect the assets of seniors and other vulnerable populations.

"The senior population is one of New York's fastest growing demographics," she said. "After a lifetime of contributions, it's our duty to ensure that seniors can live in comfort and dignity for the remainder of their days."