HomeMy WebLinkAbout2017 Homeownership and Rental RatesRESOLUTION 2017-589
y° ADOPTED DOC ID: 13197
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2017-589 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
JULY 5, 2017:
RESOLVED that the Town Board of the Town of Southold hereby sets the maximum initial
sales price and maximum allowable monthly rent for 2017 for affordable housing units as
follows:
Home Purchase Price May Not Exceed
Households earning 80% or less of the HUD $221,625*
median income for Nassau/Suffolk
Households earning 100% or less of the HUD $277,000**
median income for Nassau/Suffolk
Households earning 120% or less of the HUD $332,379***
median income for Nassau/Suffolk
2.5 times the 80% median income family of four -Nassau/Suffolk County ($88,650)
2.5 times the 100% median income family of four -Nassau/Suffolk County ($110,800)
2.5 times the 120% median income family of four -Nassau/Suffolk County ($132,950)
Monthly Rental Amounts May Not Exceed (utilities may or may not be included)
Efficiency 970***
One Bedroom 1039***
Two Bedroom 1247***
Three Bedroom 1440***
Four Bedroom 1607***
represents Nassau/Suffolk Low Home Rent Limit
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 $221,625 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 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