HomeMy WebLinkAbout2022 Homeownership and Rental RatesRESOLUTION 2022-846
y° ADOPTED DOC ID: 18496
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2022-846 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
OCTOBER 18, 2022:
RESOLVED that the Town Board of the Town of Southold hereby sets the maximum initial
sales price and maximum allowable monthly rent for 2022 for affordable housing units as
follows:
Home Purchase Price May Not Exceed
Households earning 80% or less of the HUD $290,625*
median income for Nassau/Suffolk
Households earning 100% or less of the HUD $366,000**
median income for Nassau/Suffolk
Households earning 120% or less of the HUD $439,250***
median income for Nassau/Suffolk
2.5 times the 80% median income family of four -Nassau/Suffolk County ($116,250)
2.5 times the 100% median income family of four -Nassau/Suffolk County ($146,400)
2.5 times the 120% median income family of four -Nassau/Suffolk County ($175,700)
Monthly Rental Amounts May Not Exceed (utilities may or may not be included)
Efficiency 1,372***
One Bedroom 1,695***
Two Bedroom 2,065***
Three Bedroom 2,642***
Four Bedroom 2,911***
represents HUD fair market rental
RESOLVED that pursuant to Chapter 240-10-B(2)(c)[2][a] of the Town Code, the Town Board
of the Town of Southold hereby sets $290,625 as the amount of payment required per
housing unit for Moderate Income Family Dwelling Units not built within the Town of
Southold's inclusionary zoning requirements. Said amount reflects two- and one-half times
80 % of the Nassau/Suffolk median income for a family of four in accordance with the
Long Island Workforce Housing Act.
Denis Noncarrow
Southold Town Clerk