HomeMy WebLinkAbout2020 Homeownership and Rental RatesRESOLUTION 2020-427
y° ADOPTED DOC ID: 16282
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2020-427 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
JULY 14, 2020:
RESOLVED that the Town Board of the Town of Southold hereby sets the maximum initial
sales price and maximum allowable monthly rent for 2020 for affordable housing units as
follows:
Home Purchase Price May Not Exceed
Households earning 80% or less of the HUD $253,200*
median income for Nassau/Suffolk
Households earning 100% or less of the HUD $316,500**
median income for Nassau/Suffolk
Households earning 120% or less of the HUD $379,800***
median income for Nassau/Suffolk
2.5 times the 80% median income family of four -Nassau/Suffolk County ($101,280)
2.5 times the 100% median income family of four -Nassau/Suffolk County ($126,600)
2.5 times the 120% median income family of four -Nassau/Suffolk County ($151,920)
Monthly Rental Amounts May Not Exceed (utilities may or may not be included)
Efficiency 1298.***
One Bedroom 1624***
Two Bedroom 1992***
Three Bedroom 2563***
Four Bedroom 2858***
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 $253,200 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 times the
Nassau/Suffolk median income for a family of four in accordance with the Long Island
Workforce Housing Act.
Denis Noncarrow
Southold Town Clerk