Prospective Buyers

Your Path to Cottage Ownership

At the Silver Lake Institute, our Board of Trustees manages our Restricted Deed community similarly to a condominium association. This ensures that our community remains cohesive and well-maintained.

Important Note: All property sales and transfers must receive approval from our SLI Board of Trustees.

Steps to Cottage/Property Ownership:

Familiarize Yourself with Our Handbook and Bylaws:
It’s essential to understand the community’s rules and regulations. When purchasing property in the Institute the buyer agrees to abide by the rules of the Institute laid out in the handbook. [Click HERE to access the Handbook and Bylaws.]
Submit Your Approval Request:
Once the seller accepts your offer and before the closing date, submit your request for approval to our SLI Board of Trustees by completing a Property Transfer Application [Click HERE to access the Property Transfer Application]
How to Submit Your Request:
Send your approval request to the SLI Registrar using one of the following methods:
- By Postal Mail: PO Box 20, Silver Lake, NY 14549
- Email: slibookkeeper@frontier.com
- In Person: Hand deliver your request to 46 Wesley Ave, Silver Lake during office hours.

We look forward to welcoming you to our community! If you have any questions or need further assistance, please don’t hesitate to reach out.

The Silver Lake Institute is committed to upholding the Federal Fair Housing Act 42 U.S.C. 360, ensuring that all individuals are treated fairly and without discrimination. We believe in providing equal opportunities regardless race, color, religion, sex, national origin, familial status, or disability. Our mission is to foster an inclusive community where everyone feels welcome and valued.

Welcome to the Silver Lake Institute!

(SLI) This 40-acre neighborhood with 190 cottages and 3 shared, historic, community buildings was established in 1872.

We are a 501(C)3 corporation initially Chartered by the New York Legislature in 1857 with a new amended and current charter issued in 2016.

We are governed by a Board of Trustees made up of 12 cottage owners. They are elected annually to a three year term at our annual cottage owners meeting held on the 2nd Saturday in July.

We are a community of both year round and seasonal owners who enjoy the sunsets, the lake and the fellowship of our neighbors.

The Lakefront greenway is owned by the Institute. All waterfront spaces are leased by cottage owners for an annual fee and are maintained by the lessee. Any changes or improvements to the leased space must be approved by the Board of Trustees.

As a chartered Institute we are expected to offer programs in art, music, culture, education and spirituality during the months of July and August. We would hope that you would join in the fun and come to the Friday concerts, Saturday evening coffee houses, Sunday spiritual gatherings, children’s July 3rd bike parade, lectures, desserts on the dock, and all of the other events on our packed summer calendar.

Saturday Mornings during July and August there is a morning cafe at Stoody Hall where you can come to meet with neighbors over a cup of coffee and a delicious breakfast. It is a great place to make new friends.

Property owners are required to pay an annual Silver Lake Institute tax which is based on the property assessment set of the Town of Castile. This tax pays for the upkeep of our historic buildings and the maintenance of our public grounds including our big blue dock and private roads. This also allows us to pay a groundskeeper who provides a number of services to maintain the Institute year round. These funds also assist the programing budget and allow for other improvements as necessary.

Garbage is picked up weekly and must have a sticker on each bag. Stickers may be purchased at the Institute office. Arrangements can be made to dispose of large items by contacting the Groundskeeper.

When purchasing property in the Institute the buyer agrees to abide by the rules of the Institute laid out in the handbook.

Alcoholic beverages are only permitted on private property. There is to be no alcoholic consumption on Institute grounds, which includes the greenway, the big blue dock, leased dock spaces, historic buildings, streets, the park and other Institute property.

All property sales are subject to approval by the Board of Trustees.

We look forward to your becoming a part of this special community and meeting you and yours.

Historic Rehabilitation Tax Credits

Rehabilitation of historic Institute cottages may qualify for a New York State tax incentive. The Historic Homeownership Rehabilitation Credit program offers a state income tax credit equal to 20% of qualified rehabilitation expenses associated with repair, maintenance, and upgrades to historic homes. The value of the credit is applied to your NYS tax liability to reduce the amount you owe. The program covers 20% of qualified rehabilitation expenses up to a credit value of $50,000 per year.

For more information please call SHPO Division staff at 518-237-8643 and request to speak to the staff member who handles Wyoming County or visit their website.

Qualifications:

The applicant must own and live in the house.
The house must be listed in the New York State and National Registers of Historic Places individually or as a contributing building in a listed Historic District. Note: In some cases, a local historic district has been certified to participate in tax credit programing.
The house must be located in a qualifying census tract.
The rehabilitation expenses must be $5,000 or more with a minimum of 5% of that being spent on exterior work.
All projects must be approved before work begins.

You can also {Click HERE to visit the Preservation Tax Credits Page}