Real Estate News

Community Preservation Fund Revenue Sets New Record, Nears $1 Billion

Peconic Bay Community Preservation Fund revenues totaled $107.7 million in 2014, shattering the previous record set in 2007, $96.0 million.

The monthly total for December 2014 was $14.4 million, another record.

Revenue is up 12.8% over 2013, when the CPF raked in $95.4 million, just shy of the previous record.

Of the five towns the participate in the CPF, two towns, namely East Hampton and Southampton, broke revenue records in 2014.

The CPF was established in 1999 and is funded by a 2% tax on real estate transactions. Each town maintains its own fund, and each town can may use the money to preserve land within its borders by purchasing properties outright or buying the development rights.

Total revenue since the program’s inception has reached $992.5 million, according to the office of Assemblyman Fred Thiele, of Sag Harbor. The CPF is expected to break $1 billion within a month or two.

“It is clear that the real estate industry on the East End is in its strongest position since the start of the recession in 2008,” Theile said. “CPF revenues have increased by 167% since 2009 and have consistently grown for the past five years. Town CPF funds should now be flush with cash, allowing towns to be aggressive in protecting lands for open space, farmland, parks and recreation, and historic preservation purposes. Further, we are now well positioned to extend the fund for an additional 20 years and add water to land preservation in our efforts to protect the East End’s community character.”

                    2013       2014    %increase
 East Hampton      28.15m     31.62m    +12.3%
 Riverhead          2.58m      3.41m    +32.2%
 Shelter Island     2.05m      2.20m     +7.3%
 Southampton       57.79m     64.68m    +11.9%
 Southold           4.86m      5.78m    +18.9%
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