§ 64-k. Peconic Bay region community housing fund. 1. Definitions. As\nused in this section, the following words and terms shall have the\nfollowing meanings:\n (a) "Peconic Bay region" means the towns of East Hampton, Riverhead,\nShelter Island, Southampton, and Southold.\n (b) "Community housing" means a primary residential property for an\neligible individual that does not exceed one hundred fifty percent of\nthe purchase price limits established by the state of New York mortgage\nagency low interest rate loan program in non-target categories for\nSuffolk county in effect on the contract date for the sale of such\nproperty.\n (c) "Board" means the advisory board created pursuant to subdivision\nsix of this section.\n (d) "Fund" means the community housing fund authorized pursuant to\nsubdivision two of this section.\n (e) "First-time homebuyer" means an eligible individual who has not\nowned a primary residential property and is not married to a person who\nhas owned a residential property during the three-year period prior to\nhis or her purchase of the primary residential property, and who does\nnot own a vacation or investment home.\n (f) "Primary residential property" means any one or two family house,\ntownhouse, or condominium.\n (g) "Eligible individual" means a household with an income that does\nnot exceed one hundred percent of the income limits as established by\nthe state of New York mortgage agency low interest rate loan program in\nnon-target categories for Suffolk county in effect on the contract date\nfor the sale of such property.\n 2. Fund authorized. The town board of any town in the Peconic Bay\nregion is authorized to establish by local law a community housing fund,\npursuant to the provisions of this section. Deposits into the fund may\ninclude revenues of the local government from whatever source, including\nbut not limited to: (a) all revenues from the supplemental real estate\ntransfer tax authorized by subdivision two of section fourteen hundred\nforty-nine-bb of the tax law; (b) all proceeds from any indebtedness or\nobligations issued pursuant to the local finance law for community\nhousing opportunity purposes as authorized in subdivision three of this\nsection; (c) general fund balances or surpluses; (d) any proceeds\nreceived by the local government from the sale or rental of community\nhousing produced from revenues of the fund; (e) the repayment of any\nloans issued from proceeds of the fund; (f) any gifts of interests in\nland or funds; and (g) any state or federal grants received by the town\nfor providing affordable homes.\n 3. Purposes of the fund. The proceeds of the fund established pursuant\nto subdivision two of this section shall be utilized for the following\npurposes:\n (a) the provision of financial assistance to first-time homebuyers who\nare residents of the town for the purchase of a first home. Such\nfinancial assistance may be in the form of a grant or a loan.\n (1) A town may provide financial assistance for the purchase of a\nfirst home to a first-time homebuyer who is a resident of the town or\nwho is employed in the town. A resident of the town shall include a\nperson who is currently a resident of the town or a non-resident who has\nbeen a resident within the past five years.\n (2) Such financial assistance shall not exceed fifty percent of the\npurchase price of the home.\n (3) If such financial assistance is in the form of a loan, such loan\nshall be repayable to the town pursuant to the terms agreed to between\nthe recipient and the town, provided that any loan shall be fully repaid\nby the recipient upon the resale of the home.\n (4) For the purposes of calculating town tax liability for such\nproperty, only, the dollar amount of any financial assistance for the\npurchase of a first home made by the town pursuant to this section shall\nbe subtracted from the full equalized assessed value of such property.\n (5) All revenues received by the town from t
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