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Prospective Buyers

Our Community

The Silver Lake Institute (SLI) is a unique, close-knit lakeside community established in 1872. Set on 40 acres and home to 177 cottages, the Institute also includes three shared historic community buildings and extensive common grounds. Originally established as a Methodist summer community in the Chautauqua Model, the Institute transitioned to secular community with no religious affiliation in 2016. Our neighborhood is made up of both year-round and seasonal residents who value the natural beauty of the lake, spectacular sunsets, and the strong sense of fellowship that defines life at Silver Lake.

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SLI is a 501(c)(3) nonprofit corporation, originally chartered by the New York State Legislature in 1857, with an updated and current charter issued in 2016. The Institute is governed by a volunteer Board of Trustees consisting of 12 cottage owners. Trustees are elected to staggered three-year terms at the Annual Cottage Owners Meeting, held on the second Saturday in July.

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As a chartered Institute, SLI offers a robust summer program in art, music, culture, education, and spirituality during July and August. New owners are encouraged to participate in community life through events such as Friday evening concerts, Saturday coffee houses, Sunday spiritual gatherings, lectures, children’s activities—including the beloved July 3rd bike parade—desserts on the dock, and more. Saturday mornings in July and August feature a community café at Stoody Hall, a favorite gathering place to meet neighbors over coffee and breakfast.

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Property owners are required to pay an annual Silver Lake Institute tax, which is based on the property assessment established by the Town of Castile. This tax supports the upkeep of SLI’s historic buildings, maintenance of common grounds and private roads, care of the Big Blue Dock, and year-round services provided by the Groundskeeper. These funds also help support summer programming and necessary infrastructure improvements.

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In addition to the annual tax, all property owners agree to certain deed restrictions. These include adherence to community rules, limitations on property use, restrictions on tree removal, and required approval for property transfers.

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The lakefront greenway is owned by the Institute. Waterfront spaces are leased annually by cottage owners, maintained by the lessee, and any changes or improvements require approval from the Board of Trustees.

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Weekly garbage pickup is provided. Each bag must display an Institute sticker, available for purchase at the Institute office. Arrangements for disposal of large items may be made by contacting the Groundskeeper.

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Upon purchasing property within the Institute, buyers agree to abide by all community rules as outlined in the Silver Lake Institute Handbook. Please note that alcoholic beverages are permitted only on private property and are not allowed on Institute grounds, including the greenway, docks, historic buildings, streets, parks, or other shared spaces.

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All property sales within the Silver Lake Institute are subject to approval by the Board of Trustees.

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We look forward to welcoming you to Silver Lake and hope you will become an active part of this special and historic community.

Sale Approvals

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.

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

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Steps to Cottage/Property Ownership:
 

  1. 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.]
     

  2. 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]​
     

  3. 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.

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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.

Deed Restrictions

When buying a property in the Silver Lake Institute you must agree to several deed restrictions, they are summarized here: 

 

Silver Lake Institute Deed Restrictions: 
 

  1. Annual Institute Tax

    • Each property pays an annual tax to support the Silver Lake Institute’s services.

    • This tax is based on the Town of Castile’s assessment and takes priority over most other liens.
       

  2. Obey Institute Rules

    • Owners must follow the Silver Lake Institute’s charter, bylaws, and any rules now or created in the future.
       

  3. Residential Use Only

    • The property may only be used as a private residence unless the Institute gives written permission.

    • Without permission, you cannot:

      • Run a business or trade

      • Sell goods, services or food items. 

      • Rent out rooms or provide lodging to those other than the property owner(s) and associated  family members. 
         

  4. Transfers Require Approval

    • You cannot sell, transfer, or otherwise convey the property without written consent from the Silver Lake Institute’s Board of Trustees.
       

  5. Tree Cutting Restrictions

    • No trees may be cut down without written permission from the Board of Trustees
       

A copy of the transfer deed and exact language is included in the Institute Rule Book 

Renting

Don’t purchase with the intent to rent:

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Rentals, either short or long term or Airbnb-type, require pre-approval. 

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Our SLI Board of Trustees has limited the number of homes that can be rented in SLI and approvals may be subject to a waiting list. 

Tax Credits

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. 

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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.

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

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