Yesterday, New York Governor Kathy Hochul signed legislation expanding tax relief for New York homeowners 60 years of age or older. The legislation will help support homeowners as inflation, rising costs, and various other factors drive a national affordability crisis.
“I am proud to sign these bills to put money back in the pockets of New York homeowners and help seniors and families stay in their homes,” Governor Hochul said. “With inflation and rising costs putting a strain on families nationwide, this legislation will help to ensure that New Yorkers — from seniors to first-time homebuyers — get some much-needed relief. I thank the bill sponsors for getting this legislation over the finish line and for their partnership in our mission to keep New York affordable.”
The legislation signed will expand eligibility for New York property tax exemptions and the Residential Emergency Services to Offer (HOME) Repairs to the Elderly (RESTORE) program. These will provide financial resources for homeowners to make repairs that allow them to continue to live independently. The financial assistance is only available to those 60 years or older.
More information on the RESTORE program can be found HERE.