 In January 2008 the town of Fairfield submitted a formal proposal to buy and maintain the lighthouse.The proposal includes restoration and repairs which would cost a total of $352,000 over 16 months.On July 29, 2008, Beacon Preservation, Inc. () received notice from Dr. Janet Snyder Matthews, Associate Director of Cultural Resources for National Park Service, informing Beacon that it had submitted a "superior" application for Penfield Reef Light and had been recommended as the new owners of Penfield.