By Barrett Seaman—
Rising home prices and landlords’ maintenance costs that have put the squeeze on both sides of the housing market since the beginning of the pandemic have prompted both state and local governments to launch programs intended to relieve the financial pressure.
On the state level, Governor Hochul on Monday signed a bill that allows local governments to increase the maximum allowable income eligible for property tax exemptions to $50,000 for homeowners 65 and older. The current maximum income is $29,000. The increase will benefit those on fixed incomes as well as those who are disabled.
Among those applauding the measure was Greenburgh Town Supervisor Paul Feiner and the Town’s Assessor, Edye McCarthy. They say they have been pushing Albany to redress the current disparity between the higher tax exemption enjoyed by residents of New York City and that which has applied to others living outside the city.
“We felt that it was unfair for NYC seniors to get better tax breaks than seniors of Greenburgh,” said Feiner, who also praised State Senate Majority Leader Andrea Stewart-Cousins and Assemblyman Tom Abinanti for pushing the change.
At the county level, Westchester County Executive George Latimer announced the creation of a Landlord Tenant Assistance Program (LTAP) that will allow landlords of properties with eight rental units or less to apply for up to $25,000 per unit to make needed repairs.
The hitch is that these landlords must limit rental costs for households earning between 60% and 100% of the Area Medium Income. Moreover, “home improvements may include, but are not limited to, roof replacement, or upgrades to electrical, windows, accessibility ramps, plumbing and heating systems.”
Rent levels, with utilities included, must adhere to the following 2022 HUD Guidelines:
Bedroom Size | 60% AMI Rent Levels | 80% AMI Rent Levels | 100% AMI Rent Levels |
Studio | $1,457 | $1,942 | $2,427 |
1 Bedroom | $1,665 | $2,219 | $2,773 |
2 Bedroom | $1,873 | $2,497 | $3,119 |
3 Bedroom | $2,080 | $2,773 | $3,465 |
“We hope the prospect of receiving up to $25,000 per unit will incentivize our landlords to maintain their rental properties at a price point that everyone can afford,” said Latimer.
Interested landlords/owners should call or email Gaitre Rambharose in the Westchester County Department of Planning at 914-995-2429 or gqrh@westchestergov.com
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