greenportcapeThe Town of Southold has established a First-Time homebuyer exemption checklist for the Peconic Bay Community Preservation Fund.

Applicability: Closing must have occurred on or after September 23, 2014

Buyer(s) must be a first-time homebuyer:

  • The property must be the Buyer(s) primary residence –
  • The property must be either a one or two family house, townhouse or condominium –
  • The Buyer(s) do not currently own, or have not owned, a primary residence at any time in the previous 3 years –
  • Buyer(s) do not own a vacation or investment home anywhere –
  • All of the Buyers of the subject property must meet the above qualifications, e.g., husband and wife must both qualify

Buyer(s) household income must not exceed the income limits defined by SONYMA in the non-target one and two person household category for Suffolk County

  • Currently, the combined household income cannot exceed $126,120.00

Buyer(s) must provide their most recent Federal or State Income Tax Return

The property must be within 60% of the purchase price limits defined by SONYMA Low Interest Rate Mortgage Program in the non-target area for one family household category for Suffolk County

  • Currently, the maximum purchase price for a primary residential property is $367,140.00

Buyer(s) must provide a copy of the fully executed Contract of Sale

Buyer(s) must make an application for this exemption on a Town-prescribed form and such form must be notarized

The Town’s Special Projects Coordinator and the Town Attorney must approve the exemption

Buyer(s) must file a Peconic Bay Region Transfer Tax return with the approved Town application form attached.

Contact us for more details.