Peekskill, N.Y., Code of Ordinances ch. 155 § 155-9

A. In the case of for-sale workforce housing units, the title to said property shall be restricted so that, in the event of any resale by the homebuyer or any successor, the resale price shall not exceed the then-maximum sales price for said unit for a ten-year period commencing at the date of the original sale, as determined as follows: (1) The purchase price paid for the unit by the selling owner, increased by the percentage increase, if any, in the Consumer Price Index for Urban Wage Earners and Clerical Workers in the New York-Northern New Jersey Area as published by the United States Bureau of Labor Statistics (the "index") on any date between (a) the month that is two months earlier than the month in which the selling owner acquired the unit and (b) 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 substitute index, the City will designate a substitute index; and (2) The cost of major capital improvements made by the seller of the unit while said seller owned the unit, as evidenced by paid receipts depreciated on a straight-line basis over a fifteen-year period from the date of completion; provided, however, that approval of the administrative and monitoring agency identified in § 155-7 shall be required before the cost of any major capital improvement is included in the resale price. B. In the case of for-sale workforce housing units sold after 10 years from the original sale, the selling owner may sell the property at market value on the condition that 50% of the appreciated value be shared with the City and deposited into the affordable housing fund.