Official: Community Housing Fund Earned Over $79M

Assemblyman Tommy John Schiavoni (D-Sag Harbor) reported that total revenues collected in the four East End towns of East Hampton, Shelter Island, Southampton and Southold for the Peconic Bay Community Housing Fund were $79.12 million since the inception of the program in 2023. 

Four of the five East End Towns passed public referendums in 2022, accepting a 0.5% transfer tax to establish the Community Housing Fund (CHF), adding to the existing 2.0% transfer tax of the Community Preservation Fund (CPF). 

Collection of the 0.5% CHF funds applied to real estate contracts that were executed after April 1, 2023. This provision required each of the participating towns to evaluate all closing documents within their respective towns after that date to determine the proper application of funds to the CHF and CPF. 

The CHF programs are created and administered separately within each of the participating towns, Schiavoni said. The towns can use the CHF to:

• provide financial assistance to first-time home buyers not to exceed 50% of the purchase price
• the production of community housing for sale
• the production of community housing for rent
• rehabilitation of existing buildings for community housing
• housing counseling
• the acquisition of real property in existing housing units, to result in the production of community housing for sale or rent

The Community Preservation Fund in the five East End towns took in $152.77 million in 2025 up from $131.51 million collected in 2024.

Schiavoni stated, “The Community Housing Fund is necessary to address the severe housing shortage that we face here on Eastern Long Island. I commend each of the participating towns for instituting programs to address the housing challenge. The CHF is the local funding source critical to acquire grants from New York State which would augment programs being developed by the towns.  Let’s help make it possible to keep our children here if they choose.” 

Here is the rundown: