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New Legislation Looks To Aid First-Time East End Homeowners

Anastasia Lennon by Anastasia Lennon
February 13, 2018
in Community
Home Community

This month, New York State Assemblyman Fred Thiele introduced legislation that, if enacted, will authorize East End towns to establish community housing revolving loan funds to help first-time home buyers. The legislation is an attempt to prevent the “affordability gap” – to use Thiele’s words – from growing in the coming years. The revolving loan funds would allow prospective, first-time buyers to receive a loan of up to 50 percent of the purchase price.

The legislation applies to the towns of East Hampton, Southampton, Riverhead, Shelter Island, and Southold and applicants for loans must be residents of or employed in the town in order to be eligible. It is estimated that this fund could provide up to $20 million annually to homebuyers.

Thiele cites an increase in Hamptons’ median home prices of 7.6 percent in 2017, changes in federal tax laws, and popularity of home-sharing services such as Airbnb as factors contributing to this growing gap. “The demand for luxury and seasonal housing has driven housing costs beyond the reach of most moderate income and working class local residents,” stated Thiele.

“We are losing the most precious resource that makes our communities special. Many residents, including young families who are educated in our local schools, are leaving the area for places with more affordable housing costs,” said Thiele. Rather than build more homes to increase affordability and accessibility (which may not be the most viable option given “environmental constraints” on the East End), Thiele sees a solution with the revolving fund – a “tool” that will help middle class and working class residents of the East End.

Increasing housing costs have impacted business and volunteer organizations as well. “Local employers are having difficulty hiring and retaining employees. Local volunteer emergency services agencies are experiencing difficulty in recruitment and retention of volunteers. Schools are experiencing declining enrollments.” explained Thiele. Additionally, with a recent change in federal tax law, deductions are now capped at $10,000 for state and local taxes, which will make the purchasing of a home more difficult for first-time buyers.

The legislation stipulates that a loan be re-payed if the home is put up for sale. Payments will be received by the loan fund and used to assist other homebuyers. The town can also use the fund to provide counseling to first-time buyers. If a town decides to establish a revolving loan fund, there would be a mandatory referendum before the town can pass a local law authorizing the fund.

As this legislation is only in its early stages, Thiele hopes to receive feedback from the community that will inform the finalizing of this bill. “It is my intent to meet with the Towns and all stakeholders in the coming weeks and months to gain as much public input as possible. I will incorporate that input into final legislation before any action is taken in Albany.”

The next steps in this process include introducing the bill to the State Assembly, meeting with towns and stakeholders, reviewing the language used in the bill, legislative action, and a referendum.

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  • Figures Transformed, Three Generations of Artists at Southampton Arts Center

Southampton Arts Center presents, FIGURES TRANSFORMED, an exhibition of work focused on the representation of human form (i.e., figures). Featuring art from three artists across generations each of whose art incorporates the figure as central imagery. This thought-provoking exhibit is approachable for frequent gallery attendees and casual viewers alike—everybody has a body! @southamptonartscenter  @deborahbuck

Read the full article at Hamptons.com (Link in Bio) #southampton #southamptonartscenter #arts #figurestransformed #exhibition
  • Dom Pérignon Offers Three-Star Michelin Omakase Aboard Luxury Yacht in the Hamptons

This August, celebrate the last moments of summer with a one-of-a-kind gastronomic experience aboard a Dom Pérignon-branded yacht on the waters of Sag Harbor and Montauk.

For the first time ever, guests are invited to reserve private Dom Pérignon cruises on an 88’ San Lorenzo superyacht while enjoying a sushi omakase concepted by renowned 3-star Michelin chef Masa Takayama. His omakase experience has never been offered to book on a yacht… until now. Chef Masa crafted a unique menu designed to pair perfectly with recent Dom Pérignon vintages: Vintage 2012, Rosé 2008 and Vintage 2003 Plénitude 2. @domperignonofficial  @chefmasanyc

Read the full article at Hamptons.com (Link in Bio) #hamptons #DomPérignon #yacht #cruise #sushi #masatakayama
  • Join Arootah in the Hamptons! @arootahcoach @imentororg 

The Hamptons Summer Fête
Wednesday, Aug. 17 
from 6 p.m. to 10 p.m. 

Save Your Spot 
Share a drink and hors d’oeuvres, enjoy live music, and bid on items. 

Join for their fundraiser event to support iMentor youth. 

RSVP in our LinkTree⬆️
#fundraiser #imentor #imentornyc #Hamptons #mentor
  • Broadway Out East Returns with the Biggest Stars Performing at Calissa

Broadway Out East returns this summer season at local hotspot Calissa. The Mediterranean hotspot located at 1020 Montauk Highway will host a series of performances by some of Broadway’s most talented stars including Andrew Barth Feldman, Teal Wicks, Kathryn Allison, and Brandon Victor Dixon. Broadway Out East is produced by Justin Smith, the Concertmaster of Dear Evan Hansen.  Performances at Calissa will take place each Thursday from August 11th, through August 25th. @calissahamptons

Read the full article at Hamptons.com (Link in Bio) #calissa #broadway #hamptons #summer #broadwayouteast
  • The 2022 Hampton Designer Showhouse Returns to the Hamptons this Summer

The highly acclaimed Hampton Designer Showhouse will return this Summer to Southampton, NY with a completed reimagined stately home presented by HC&G (Hamptons Cottages & Gardens). For the past 22 years, the Hampton Designer Showhouse has been the showcase for some of America’s premier design talent and has raised nearly $2M for Stony Brook Southampton Hospital since its inception. @hamptondesignershowhouse

Read the full article at Hamptons.com (Link in Bio) #hamptonsdesignershowhouse #designershowhouse #hamptons #hamptonsdesigns
  • The Oscar Molina Gallery’s Molina / Vignoli Exhibition

The Oscar Molina Gallery announces the exhibition Molina / Vignoli  that will be on view from August 11th to August 22nd.. Curated by Esperanza León, the exhibition at this intimate space on Jobs Lane brings together a selection of works by Oscar Molina and Fernando Vignoli for whom the interpretation of human dramas—individual and global—is a consistent theme. Paintings from Molina’s Raindrops series, such as the recent 66 x 120-inch, untitled acrylic on canvas, will be featured with four of Vignoli’s works, including the prominent 73 x 73-inch oil on canvas from 2008 titled Time Does Not Stop. @omolina.arts

Read the full article at Hamptons.com (Link in Bio) #oscarmolina #art #local #hamptons
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