Governor Hochul signs bill to strengthen housing affordability

ALBANY, N.Y. (WHEC) – Governor Kathy Hochul signed a legislative package to expand tax relief for New York homeowners, especially those 60 and over, on Monday.

The package will help support first-time homebuyers, to senior homeowners, as inflation, rising costs, and other factors create a national housing affordability crisis.

"I am proud to sign these bills to put money back in the pockets of New York homeowners and help seniors and families stay in their homes," Governor Hochul said. "With inflation and rising costs putting a strain on families nationwide, this legislation will help to ensure that New Yorkers — from seniors to first-time homebuyers — get some much-needed relief. I thank the bill sponsors for getting this legislation over the finish line and for their partnership in our mission to keep New York affordable."

The bills will expand eligibility for New York property tax exemptions, and Residential Emergency Services, to offer repairs to the elderly. The bill also extends the option to provide a property tax exemption for first-time homebuyers buying new homes through 2028, as well as providing greater benefits, on a more flexible timeline, for senior homeowners in need of emergency repairs.