AFFORDABLE HOUSING OPPORTUNITIES
Overview of Programs
Due to escalating
costs within the local real estate market, the Town of Southold has
initiated numerous policies and legislation to advance affordable housing
opportunities for its residents and workers who cannot find safe and
affordable housing without assistance. With the established legislative
framework and affordable housing policies, the Town is anticipating an
increase of affordable housing stock inventory. This housing stock of
single-family homes, townhouses and apartments will be realized through
partnerships with not-for-profit ventures and for-profit developers.
Unlike previous efforts to
develop affordable housing, the Town Board has ensured that all affordable
housing that is built will remain affordable in perpetuity through covenants
and restrictions. A formula of affordability for rental rates
and home ownership sales prices exists that is tied to Federal and County
guidelines.
RESOLVED that the Town
Board of the Town of Southold hereby sets the maximum sales price and
maximum allowable monthly rent for 2007 for affordable housing units in the
AHD Zoning District, pursuant to Chapter 280-30(D) of the Town Code,
as follows:
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Rental Rates
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Efficiency: $850 |
1 bedroom: $910 |
2 bedroom: $1,092 |
3 bedroom: $1,262 |
4 bedroom:
$1,407 |
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Home Purchase Price |
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Households earning 80% or less of the HUD
median income (for
Nassau/Suffolk) |
$194,250.00 |
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Households earning
100% or less of HUD
median |
$242,750.00 |
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Households earning
120% or less of HUD
median |
$291,250.00 |
Note: These figures change
yearly and represent the maximum amount.
Housing Registry
Application and Eligibility Requirements
The office of Special Projects
Coordinator is responsible for coordinating and implementing the Town’s
affordable housing programs. To find out about income and eligibility
requirements, read the attached PDF file of the Town’s housing application
and registry instructions. Only households listed within the Town’s Housing
Registry will qualify for affordable housing.
If you have any questions, please
contact Phillip Beltz at 631-298-4460 or by email
phillip.beltz@town.southold.ny.us.
Housing Resources and Links
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