New Paltz Village, N.Y., Code of Ordinances ch. 132 (eCode360 ed. 2026) § 132-6
Resale price and lease renewal requirements
Operative Text
A. Resale requirements. (1) All AH units shall contain a deed or share restriction providing that in the event of any resale by the owner or any successor, the resale price shall not exceed the then-maximum sales price for said unit, as determined in this chapter, or the sum of: (a) The net purchase price (i.e., gross sales prices minus subsidies) paid for the unit by the selling owner, increased by the percentage increase, if any, in the Consumer Price Index for Wage Earners in Ulster County, as published by the United States Bureau of Labor Statistics (the "Index") on any date between: [1] The month that was two months earlier than the date on which the seller acquired the unit; and [2] The month that is two months earlier than the month in which the seller contracts to sell the unit. If the Bureau stops publishing this Index, and fails to designate a successor index, the Village Board shall designate a substitute index; and (b) The cost of major capital improvements made by the seller of the unit during his/her ownership period evidenced by paid receipts depreciated on a straight-line basis over a fifteen-year period from the date of completion. (2) Notwithstanding the foregoing, in no event shall the resale price exceed an amount affordable to a household at 100% of area median income at the time of the resale. B. Lease renewal requirements. As long as a household remains eligible and has fully complied with all the terms of the lease, said household shall be offered renewal leases for a term of no more than one year each. At the time of renewal, a tenant shall resubmit all financial information required by the Housing Board to determine continued income eligibility. A lease shall not be renewed in instances where a tenant's income has risen above the qualifying limit, subject to review by the Housing Board, and such tenants shall be given one year within which to relocate. Renewal of a lease shall be subject to the conditions of federal, state or county requirements that may be imposed by the terms of the original development funding agreements for the development or to the provisions of other applicable local law. If no such provisions are applicable and if a household's annual gross income should subsequently exceed the maximum then allowable, as defined in this chapter, then said household may complete its current lease term and shall be offered a market-rate rental unit available in the development at the expiration of such lease term, if available. If no such dwelling unit shall be available upon lease expiration, the resident may be allowed to sign one additional six-month lease for the AH unit he or she occupies at market rate but shall not be offered a renewal of the lease beyond the expiration of said term. C. All tenants of rental AH units shall be required to verify their family incomes upon renewal of their leases. If the tenant's family income exceeds 80% of the county area median income at the time of any renewal, the lease shall be renewed, but not for more than six months in length at the tenant's option, during which renewal period the rent may be adjusted to market rate. Upon expiration of such renewed lease, the tenant shall be required to vacate the AH unit unless at that time there is no eligible renter on the Board's eligibility list who is ready, willing and able to take tenancy and the present tenant meets the eligibility standards at that time. The tenant shall be notified of such a requirement prior to signing a lease, and a clause setting forth this requirement shall be included in the lease.
New Paltz Village Code ch. 132 § 132-6 establishes two sets of rules for affordable housing (AH) units: one governing how much an owner may charge when reselling a unit, and one governing how rental leases may be renewed. On the resale side, the price is capped at the lower of a formula tied to the Consumer Price Index and documented capital improvements, or an amount affordable to a household at 100% of area median income. On the rental side, eligible tenants in good standing are entitled to annual lease renewals, but must periodically resubmit income information, and tenants whose incomes rise above qualifying thresholds face a structured transition process that may ultimately require them to vacate or pay market-rate rent.
Plain English — not legal advice.
Operators of AH units under New Paltz Village Code ch. 132 § 132-6 generally ensure that every deed or share instrument contains the required resale price restriction, and that resale calculations account for the CPI adjustment and any depreciated capital improvement costs. On the rental side, compliant operators offer renewal leases of no more than one year to eligible, lease-compliant households, collect updated financial documentation at each renewal, and follow the chapter's prescribed transition steps—including the one-year relocation period or market-rate conversion—when a tenant's income exceeds the qualifying limit. Maintaining thorough records of purchase prices, subsidies, improvement receipts, and tenant income verifications supports compliance with the chapter's requirements.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Under New Paltz Village Code ch. 132 § 132-6, tenants of AH rental units who remain income-eligible and in good standing with their lease terms have a right to be offered annual renewal leases. If a tenant's income rises above 80% of the county area median income, the lease may still be renewed for up to six months at the tenant's option, though rent may be adjusted to market rate during that period, after which the tenant may be required to vacate unless no eligible applicant is available. Tenants who believe a renewal has been improperly denied or that income determinations are incorrect may raise those concerns with the Housing Board, which has review authority under this provision, or seek guidance from a tenant-rights organization familiar with New York affordable housing law.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated November 9, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
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