East End housing fund tops $100M as towns confront affordability crisis

The Peconic Bay Region Community Housing Fund has collected more than $100 million since its launch in 2023 — including more than $8.5 million in Southold Town, according to figures released Monday by Assemblyman Tommy John Schiavoni.

The fund, supported by a voter-approved 0.5% real estate transfer tax, generated $100.74 million across East Hampton, Shelter Island, Southampton and Southold through July. Riverhead did not opt into the housing fund.

Southold has collected $8.54 million since the program began, including $1.81 million through the first seven months of 2026. Southampton has generated the largest share, nearly $58 million, followed by East Hampton with $32.18 million and Shelter Island with $2.1 million.

“The fund is doing what it is supposed to do, and this strong revenue stream represents great opportunities for our region,” said Schiavoni (D-Sag Harbor).

The housing fund was approved by voters in the four participating East End towns in 2022 as an addition to the longstanding Community Preservation Fund transfer tax. The separate CPF, funded by a 2% transfer tax in all five East End towns, generated $89.4 million through July this year, including $7.25 million in Southold and $3.03 million in Riverhead.

“These monies are a critical lifeline for our region, and they ought to be utilized to the greatest extent to make life here more affordable,” Schiavoni said.

The $100 million mark comes as Southold officials work to turn their share of the fund into housing programs and projects amid mounting concern about affordability on the North Fork.

The median price of a single-family home on the North Fork reached a record $999,000 in the fourth quarter of 2025, while recent Suffolk Times reporting has documented the effects of high housing costs on local schools, employers and year-round residents.

Riverhead officials are considering putting nearly $300,000 toward helping first-time homebuyers as the affordability crisis continues to grip the East End.

Under the proposal presented at the Town Board’s July 16 work session, 10 eligible buyers would each receive $28,050 toward a down payment or closing costs, for a total town contribution of $280,500.

The Riverhead Town Board expressed interest in partnering with Suffolk County’s Down Payment Assistance Program (DPAP) and providing the additional aid through zero-interest deferred loans to approved applicants looking to purchase their first homes.

Last week, Southold town planners outlined a series of zoning and code changes they say must be completed before Southold can begin fully tapping the fund. Officials said more than $8 million was available while the town works through seven steps to revise its housing regulations and incorporate its Community Housing Plan.

The Town Board last year approved a subsidy framework and implementation plan to guide the use of Community Housing Fund money for housing projects in Southold and Greenport. State law allows the money to support first-time homebuyers, construction or rehabilitation of community housing and acquisition of property for affordable housing, among other uses. The framework was approved in June 2025.