HomeMy WebLinkAbout2024 Homeownership and Rental RatesRESOLUTION 2024-689
ADOPTED DOC ID: 20515
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2024-689 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
JULY 30, 2024:
RESOLVED that the Town Board of the Town of Southold hereby sets the maximum initial
sales price and maximum allowable monthly rent for 2024 for moderate-income housing
units as follows:
Home Purchase Price May Not Exceed
Households earning 80% or less of the HUD $280,500*
median income for Nassau/Suffolk
Households earning 100% or less of the HUD $390,500**
median income for Nassau/Suffolk
Households earning 120% or less of the HUD $468,625***
median income for Nassau/Suffolk
2.5 times the 80% median income family of four -Nassau/Suffolk County ($112,200)
2.5 times the 100% median income family of four -Nassau/Suffolk County ($156,000)
2.5 times the 120% median income family of four -Nassau/Suffolk County ($187,450)
Monthly Rental Amounts May Not Exceed (utilities may or may not be included)
Studio/Efficiency 1,600****
One Bedroom 2,007****
Two Bedroom 2,358****
Three Bedroom 3,048****
Four Bedroom 3,314****
represents average HUD Small Area Fair Market Rents for Southold Town
Denis Noncarrow
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: Greg Doroski, Councilman
SECONDER:Jill Doherty, Councilwoman
AYES: Doroski, Mealy, Smith, Krupski Jr, Doherty, Evans