HomeMy WebLinkAbout2026 Homeownership, Rental Rates and Maximum Income LevelsDENIS NONCARROW
TOWN CLERK
REGISTRAR OF VITAL
STATISTICS MARRIAGE OFFICER
RECORDS MANAGEMENT
OFFICER FREEDOM OF
INFORMATION OFFICER
Town Hall, 53095 Main Road P.O.
Box 1179
Southold, New York 11971 Fax
(631) 765-6145 Telephone (631)
765-1800
www.southoldtownny.gov
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2026-626 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
JULY 28, 2026:
RESOLVED that the Town Board of the Town of Southold hereby sets the maximum income
guidelines, maximum initial ownership sales price, and maximum allowable monthly rent for
2026 for affordable, workforce and community housing units as follows:
HUD NASSAU/SUFFOLK COUNTY FAMILY INCOME GUIDELINES — EFFECTIVE
JULY 28, 2026:
NUMBER IN FAMILY
AREA MEDIAN INCOME
(AMI) % 1 2 3 4 5 6 7 8
50% (VERY LOW) $57,550 $65,750 $73,950 $82,150 $88,750 $95,300 $101,900 $108,450
80% (LOW-MODERATE) $89,700 $102,500 $115,300 $128,100 $138,350 $148,600 $158,850 $169,100
100% (MEDIAN) $115,000 $131,450 $147,870 $164,300 $177,450 $190,600 $203,750 $216,900
120% (MIDDLE) $138,012 $157,728 $177,444 $197,160 $212,933 $228,706 $244,478 $260,251
HOME SALE PRICE CALCULATIONS AND SCHEDULE — EFFECTIVE JULY 28,
2026:
INITIAL HOME SALES PRICE: The max initial sales price of a new affordable
homeownership unit is based on the median income for a family of four in Nassau/Suffolk
County, as published by HUD, and is calculated by applying 2.5 of the applicable income level
to determine the purchase price.
RENTAL RATE CALCULATIONS AND SCHEDULES — EFFECTIVE JULY 28, 2026:
SCHEDULE 1 – LOW-MODERATE-INCOME HOUSEHOLD:(Up to 80% of AMI) The
methodology used was done by taking 30% of the HUD Area Median Income Limit at 50% AMI
of Nassau/Suffolk (based on household size), and dividing that income amount by twelve to
obtain a monthly rate.
Low-Moderate Income Household Sale Price (80% AMI):
Methodology: 2.5 * $128,100 = $320,250
$320,250
Median Income Household Sale Price (100% AMI)
Methodology: 2.5 * $164,300 = $410,750
$410,750
Middle Income Household Sale Price (120% AMI)
Methodology: 2.5 * $197,160 = $492,900
$492,900
Studio $1,439
One-Bedroom $1,644
Two Bedroom $1,849
Three Bedroom $2,054
Four Bedroom $2,219
SCHEDULE 2 – MIDDLE-INCOME HOUSEHOLD: (Between 80% and 120% AMI) The
methodology used by the Town of Southold is based on the average of HUD Small Area Fair
Market Rents across all hamlets in the Town of Southold, including Cutchogue, East Marion,
Fishers Island, Greenport, Laurel, Mattituck, New Suffolk, Orient, Peconic, and Southold.
GENERAL NOTES APPLICABLE TO RENTAL RATE SCHEDULES:
Annual rent increases are based on the year the unit was initially leased, and are limited to no
more than 4% or the updated rental rate schedule amount, whichever is lower. This annual rent
increase limitation applies only to proposed development projects consisting of two (2) or more
dwelling units.
Utilities may or may not be included in the monthly rental rates outlined above.
Denis Noncarrow
Southold Town Clerk
RESULT: Adopted
MOVER: Justice Stevens
SECONDER: Councilman Mealy
Studio $1,940
One-Bedroom $2,324
Two Bedroom $2,681
Three Bedroom $3,477
Four Bedroom $3,245
AYES: Councilman Mealy, Justice Stevens, Councilwoman Doherty,
Councilwoman Smith, Councilwoman Suess, Supervisor Krupski, Jr.
NAYES: None