NY Bill A355 Could Slash Taxes for Low-Income Homebuyers—Find Out How!
New York lawmakers are on the brink of passing Bill A 355, a transformative piece of legislation aimed at easing the financial burden on low-income households acquiring residential real estate. The bill proposes a partial exemption from taxation for properties transferred by governmental entities, nonprofit housing organizations, land banks, or community land trusts. This move is designed to make homeownership more accessible and affordable for those who need it most.
With the bill now delivered to the governor, anticipation is building around its potential to significantly impact housing equity in New York. Sponsored by Barrett, Glick, and Hyndman, A 355 represents a collaborative effort to address the housing affordability crisis by incentivizing organizations that support low-income buyers. If signed into law, this could mark a major victory for community-driven housing initiatives and a step forward in combating homelessness and economic disparity.
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