East End leaders urge passage of transfer tax to help fund affordable housing
“‘Other East End towns desperately need affordable rental housing — which is why they have the trade parade traffic jam every morning. However, Riverhead is not in the same position; what we need in Riverhead is a way to get people out of rentals and into a position of equity — to purchase condos or houses,’ Ms. Aguiar said via email.
She added that she’s inclined to propose using funds captured through the tax initiative to provide first-time home buyers with down payment assistance, and to provide low- or no-interest loans to first-time homebuyers in Riverhead’s historic district, which would hopefully encourage historic renovation.”