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HomeMy WebLinkAbout2021 Monthly allowable rent pricing RESOLUTION 2021-649 ADOPTED DOC ID: 17305 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2021-649 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON AUGUST 10,2021: RESOLVED that the Town Board of the Town of Southold hereby sets the maximum initial sales price and maximum allowable monthly rent for 2021 for affordable housing units as follows: Home Purchase Price May Not Exceed Households earning 80% or less of the HUD $259,800* median income for Nassau/Suffolk Households earning 100% or less of the HUD $324,750** median income for Nassau/Suffolk Households earning 120% or less of the HUD $389,700*** median income for Nassau/Suffolk * 2.5 times the 80%median income family of four -Nassau/Suffolk County ($103,920) **2.5 times the 100%median income family of four-Nassau/Suffolk County ($129,900) ***2.5 times the 120% median income family of four-Nassau/Suffolk County ($155,880) Monthly Rental Amounts May Not Exceed (utilities may or may not be included) Efficiency $ 1343*** One Bedroom $ 1659*** Two Bedroom $ 2045*** Three Bedroom $ 2606*** Four Bedroom $ 2896*** *** 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 $259,800 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 Workforce HousingAct. 0�aw�?-qoxq Elizabeth A. Neville Southold Town Clerk Resolution 2021-649 Board Meeting of August 10, 2021 RESULT: ADOPTED [UNANIMOUS] MOVER: James Dinizio Jr, Councilman SECONDER:Sarah E.Nappa, Councilwoman AYES: Nappa, Dinizio Jr, Doherty, Ghosio, Russell ABSENT: Louisa P. Evans Updated: 8/10/20217:18 AM by Lynda Rudder Page 2 RECEIVED ce> ZZ AUG 1 1 2021 �t Southold Town Clerk Office of the Town Attorney Town of Southold Town Hall Annex, 54375 Route 25 P.O. Box 1179 Southold, New York 11971-0959 Telephone: 631-765-1939 Facsimile: 631-765-6639 MEMORANDUM To: Betty Neville From: Missy Mirabelli Date: August 11, 2021 Subject: 2021 Affordable Housing — monthly allowable rent pricing Please be advised that Damon has reviewed and approved in connection with the referenced matter. A copy of the resolution is enclosed. Thank you. /mm Enclosures Cc: Denis Noncarrow