New York Strengthens Housing Laws for Seniors

In order to offer some relief to the pockets of people over 60 in times of inflation, Governor Kathy Hochul signed a package of housing laws on Monday that will benefit disabled, low-income people, homeowners and senior first-time homebuyers.

During a press conference on a basketball court, Hochul was accompanied by other state officials to stamp her signature on three laws that try to balance the economies of a vulnerable sector of the population. “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.

The official insisted that “with inflation and rising costs putting pressure on families across the country, this legislation will help ensure that New Yorkers, from seniors to first-time home buyers, get the relief they need.” that they need so much.”

For her part, the leader of the State Senate, Andrea Stewart-Cousins, recalled that the population of older adults is one of the fastest growing demographic groups in New York. “After a lifetime of contributions, it is our duty to ensure that older adults can live in comfort and dignity for the rest of their days.”

Beth Finkel, AARP New York State Director, said, “Strengthening these programs goes right to the heart of ensuring housing is affordable and accessible. This is a cornerstone in making our communities age-friendly.”

The three measures:

  • La S.3085A/A.3956A allows municipalities to increase the maximum income eligible for the New York property tax exemption to $50,000 for people age 65 and older and people with disabilities. Until yesterday, the maximum eligible income was $29,000 per year outside of New York City for seniors and people with disabilities.
  • La S.8890/A.9135 expands the option for local municipalities to provide a property tax exemption for first-time homebuyers purchasing newly built homes through 2028. The option was currently set to expire at the end of this year.
  • La S.9193/A.10271 provides greater benefits in a more flexible schedule for senior homeowners in need of emergency repairs by increasing timelines for program projects RESTORE to 60 days and the maximum cost allowed per project to $20,000.

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