Assemblyman Michael Cusick (D-Mid-Island, Staten Island), center, meets in Albany with representatives of the Staten Island Board of Realtors, from left, Justin Ray; Phyllis Cangro; John Vernazza, SIBOR past president and National Association of REALTORS liaison to Congressman Donovan; Dawn Carpenter, a SIBOR past president serving in the capacity of NYSAR president-elect; Claire Bisignano Chesnoff, president of SIBOR; Greg Sokol, SIBOR president-elect, and Sari Kingsley, SIBOR past president and vice chair of the organization’s Legislative Committee. (TO VIEW MORE PHOTOS OF SIBOR REPRESENTATIVES WITH ALBANY LAWMAKERS, VISIT THE STATEN ISLAND BOARD OF REALTORS ON FACEBOOK)
Account would help cover costs associated with the purchase of a first home
STATEN ISLAND, N.Y. – Representatives from the Staten Island Board of Realtors (SIBOR) were among hundreds of REALTORS from throughout New York state who spent a recent day in Albany advocating for a statewide “first-time homebuyer savings account program,” among other legislative priorities.
The convergence May 24 in the state capital was part of “Lobby Day,” an annual advocacy initiative of the New York State Association of REALTORS (NYSAR).
SIBOR joined NYSAR in urging Realtors and members of the public to take action by contacting state legislators to support and pass the NY First Home savings account proposal.
The proposal, sponsored in the New York State Legislature by Sen. Betty Little and Assemblyman Phil Ramos, would function as a dedicated savings account for individuals planning to buy their first home. The tax-free savings account would help to cover costs associated with the purchase.
“It would allow individuals to put away up to $5,000 ($10,000 for couples) per year in a designated savings account to be used solely for costs associated with the purchase of a first home,” explained Sandy Krueger, CEO of SIBOR. “These funds would be deductible on state personal income taxes, and the principal and any gain would be tax free.”
While in Albany, the SIBOR contingency met with Assembly Members Ron Castorina (R- South Shore, Staten Island); Michael Cusick (D-Mid-Island, Staten Island); Nicole Malliotakis (R-East Shore, Staten Island/Brooklyn); Matthew Titone (D-North Shore, Staten Island), and State Senators Andrew Lanza (R-Staten Island) and Diane Savino (D-North Shore, Staten Island/Brooklyn).
The Staten Island advocates included SIBOR CEO Krueger; Claire Bisignano Chesnoff, president of SIBOR; Greg Sokol, SIBOR president-elect; Sari Kingsley, SIBOR past president and vice chair of the organization’s Legislative Committee; John Vernazza, SIBOR past president and National Association of REALTORS liaison to Congressman Donovan; Dawn Carpenter, a SIBOR past president serving in the capacity of NYSAR president-elect; Phyllis Cangro, and Justin Ray.
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