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 2010 for affordable housing units. As follows: Rental Rates | | Efficiency: $928 | 1 bedroom: $995 | 2 bedroom: $1,193 | 3 bedroom: $1,379 | 4 bedroom: $1,538 | Note: These figures represents Nassau/Suffolk Low Home Rent Limits
| Home Purchase Price | | Households earning 80% or less of the HUD median income (for Nassau/Suffolk) | $212,250.00 * | Households earning 100% or less of HUD median | $265,000.00 ** | * 2.5 times the 80% median income for Nassau/Suffolk Counties ($84,900)
** 2.5 times the 100% median income for Nassau/Suffolk Counties ($106,000) |
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 631-765-5806 or by email phillip.beltz@town.southold.ny.us. Housing Resources and Links |