Bill Allowing Tax Credits For Investing

In Oneonta Housing Passes Legislature

ALBANY – A bill authorizing the City of Oneonta Common Council to provide tax exemptions for those investing in the city’s housing stock received final legislative approval today, state Sen. Jim Seward, R-Milford, the bill’s sponsor, announced today.

The bill now goes to Governor Cuomo for his consideration.

“The City of Oneonta has a lot to offer and is experiencing a renaissance when it comes to housing,” Seward said of S.5992.  “Taking this legislative step will give the city another tool to build on this growing trend and help draw more families to the exceptional neighborhoods that define Oneonta.”

City of Oneonta Mayor Dick Miller said, “Oneonta greatly appreciates Senator Seward’s support of this beneficial initiative which is fully in-line with our comprehensive plan.  By encouraging renovations to downtown home stock for those who reside in the city and others who have investment properties we will add value to these properties for generations to come.”

The legislation will allow the city to provide property tax abatements to homeowners who convert multiple dwelling buildings to an owner occupied single family home or two-unit home.

Companion legislation (A.8323) sponsored by Assemblyman Bill Magee also passed in the assembly today.