State Senator Pamela Helming, District 54 | Official U.S. Senate headshot
State Senator Pamela Helming, District 54 | Official U.S. Senate headshot
Senator Pam Helming, ranking member of the Senate Committee on Housing, Construction and Community Development, along with Senate Republican Leader Rob Ortt, introduced a comprehensive legislative package aimed at enhancing homeownership opportunities and improving access to affordable housing options in New York.
Leader Rob Ortt emphasized the importance of addressing housing affordability, stating, "Housing affordability is one of the biggest issues facing our state." He highlighted the conference's plan to revitalize existing housing stock and create incentives for development to ensure affordable homeownership for New Yorkers.
Senator Pam Helming echoed these sentiments, noting, "From the Bronx to Buffalo, the American Dream is unattainable for a large portion of our population." She expressed confidence in the solutions put forth by the Senate Republican Conference to increase access to affordable housing options and prioritize collaboration with municipalities.
The legislative package includes several key proposals:
- Creating a first-time homebuyer tax credit based on local property taxes to make homeownership more affordable (S.8826, Helming)
- Establishing a home renovation tax exemption to provide property tax relief for homeowners investing in property revitalization (S.8838, Helming)
- Introducing a housing infrastructure tax credit for infrastructure projects related to new home construction (S.8578, Helming)
- Implementing a tax credit for manufactured homes installation and community expansion (S.8458, Helming)
- Means-testing for rent-regulated housing to ensure occupancy by those in need (S.8887, Martins)
- Establishing a Local Housing Task Force to incentivize housing development and address regulatory barriers (S.8896, Martins)
- Extending the 421-a tax incentive for developers (S.7560, Palumbo)
The proposed legislative measures aim to address the pressing issue of housing affordability and provide tangible solutions to make the American Dream of homeownership more attainable for all New Yorkers.
Alerts Sign-up