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Home My WebLink AboutPublic Hearing Presentation1.pdfCommunity Housing Plan 2023 Introduction Community Housing Plan 2023 2 The Peconic Bay Region Community Housing Act was signed by the NYS Governor in October 2021. A Community Housing Fund Advisory Board was appointed in September 2022. The local referendum creating 0.5% transfer tax was passed by Southold voters in November 2022. The Community Housing Fund Advisory Board made recommendations and presented the Draft Community Housing Plan in April 2023. The Town Board reviewed the draft, hosted public information sessions, made revisions, and is holding a Public Hearing tonight. The funds. 3 Chapter 34 Housing Fund Chapter 17 Community Housing Fund The funds. 4 Chapter 34 Housing Fund •The Chapter 34 Fund was created in 2004. •Pursuant to Chapter 240- 10-B(2)(c)[2][a], it is a collection of buy-out fees from developers that opt out of building moderate- income family dwelling units as required by the LI Workforce Housing Act. The funds. 5 Chapter 17 Community Housing Fund •The Chapter 17 Fund was created in 2022 to provide the foundation for administration of the Community Housing Fund. •The primary source of revenue for the Fund is to be the Peconic Bay Region Community Housing Fund Act real estate transfer tax. Southold Community Housing Plan Section 1 •Introduction and Overview of Peconic Bay Region Community Housing Act Section 2 •Commitment to Community Housing Section 3 •Needs Assessment Section 4 •Community Housing Fund Expenditures Section 5 •Housing Plan Implementation and Management Section 6 •Additional Items to Consider 6 The need. Emergency Volunteers Local Workers Families Seniors Teachers Farm Laborers 7 The Southold Housing Registry now includes over 600 people. Needs Assessment Cost Burdened •A household is considered cost burdened if more than 30% of their income is spent on rent or ownership costs. •In 2020, it is estimated that 47% of renters and 34% of homeowners were cost- burdened in Town. Community Housing Plan 2023 8 This Photo by Unknown Author is licensed under CC BY Needs Assessment •The median home price for 2020 is $604,800. •As of 2020, the household median income in the Town is an estimated $87,109. Community Housing Plan 2023 9 Housing Price vs. Income This Photo by Unknown Author is licensed under CC BY-SA Community Housing Plan 2023 10 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2000 2010 2020 Median Household Income Median House Value Median Household Income and Median House Value (2000-2020) Needs Assessment Vacant/Seasonal Housing •As of 2020, there are 16,298 total housing units in Town; however, 41% of these units are classified as vacant. •The majority of housing units classified as vacant are seasonal residences. Community Housing Plan 2023 11 Photo Credit: Compass Real Estate, OneKey MLS The market. 12 Local real estate offerings are not balanced with local incomes. ≤$604,800 $1M - $10M The eligible people. 13 A first-time homebuyer A resident or someone employed in the Town A non-resident who has been a Town resident within the past 5 years. People & Families who meet the income limits The income limits. 14 $204,420 $187,560 $156,300 $102,000 •(3+ person household) •(family of four) •(family of four) •(family of four) The purchase price limits. 15 $1,208,385* $468,900 $390,750 $255,000 The guiding principles. 16 Increase diversity of housing types. Meet the needs of the population at different income levels. Provide opportunities for community housing for each hamlet that are consistent with the individual community (i.e., character, infrastructure, and environmental considerations). Recommended Solutions Community Housing Fund Expenditures Community Housing Plan 2023 17 Community Housing Fund Focus Areas Goal One: Increasing the inventory of year- round community housing (both rental and ownership). Goal Two: Maintaining and supporting existing community housing. Goal Three: Increasing safe and attainable housing opportunities for eligible individuals. Goal Four: Providing housing education and counseling services. Community Housing Plan 2023 18 Community Housing Fund Goal One: Increasing the inventory of year- round community housing (both rental and ownership). Community Housing Plan 2023 19 ▪Low-Interest Loans for Construction of Community Housing ▪Low-Interest Loans for Accessory Dwelling Units ▪Farmworker Housing Loan Community Housing Fund Goal Two: Maintaining and supporting existing community housing. Community Housing Plan 2023 20 ▪Maintenance Grants Community Housing Fund Goal Three: Increasing safe and attainable housing opportunities for eligible individuals. Community Housing Plan 2023 21 ▪First-Time Homebuyers’ Low-Interest Loan ▪Hero First-Time Homebuyer Interest-Free Loan ▪Deferred Rental Loan Community Housing Fund Goal Four: Providing housing education and counseling services. Community Housing Plan 2023 22 ▪Housing Education and Counseling Services Grants Recommended Solutions Implementation & Management Community Housing Plan 2023 23 Create a Town Housing Department Community Housing Plan 2023 24 Thank you! Community Housing Plan 2023 25 Image Credit: Photo by Jack Moreh from Freerange Stock. View the entire Community Housing Plan on the Town Website. Any questions? Contact us at HousingPlan@southoldtownny.gov. Appendix Review Slides As Needed Smart Growth Principles Community Housing Plan 2023 27 Public Investment Account for and minimize social, economic, and environmental costs of new development, including infrastructure costs Development Encourage development in areas where transportation, water, and sewage infrastructure are available or practical Conservation Protect, preserve, and enhance natural resources, open space, scenic areas, and significant historic and archeological sites Coordination Promote coordination of state and local government decisions and cooperation among communities to work toward the most efficient, planned and cost-effective delivery of government services Community Design Strengthen communities through strategies that include integration of all income and age groups while utilizing diverse types of development Transportation Provide transportation choices, including increasing public transit and alternative modes of transportation Consistency Ensure predictability in building and land use codes Community Collaboration Develop smart growth plans through a collaborative community-based effort As defined in the Peconic Bay Region Community Housing Act (see Appendix A). Example Grant & Loan Program Structures Example Grant and Loan Program Structures [Note: The amounts suggested are for consideration by the Town Board.] PROGRAM SUGGESTED MAXIMUM AMOUNT3 RECOMMENDED PURPOSE ELIGIBLE APPLICANTS Low-Interest Loans for Construction of Community Housing $250,000.00 Provide financial assistance for viable community housing projects and facilitate public/private partnerships. Housing organizations, not-for-profit entities, and developers approved by the Town Board. Low-Interest Loans for Creation of Accessory Apartments Amounts to be determined2 Increase stock of year-round rental opportunities in the Town and Village Applicants who meet or will meet the requirements of Chapters 17, 34, 207 and 280 of the Southold Town Code and Town established rental limits. Maintenance Grants Amounts to be determined2 Maintenance of community housing for rental to eligible individuals. Housing organizations and not -for- profits that currently provide rental housing to community members First-Time Homebuyer Low- Interest Loan $30,000.00 Down payment for first-time home buyers First-time homebuyers who are residents of the Town or employed in the Town.1 Hero First-Time Homebuyer Interest-Free Loan $15,000.00 Down payment assistance for first-time home buyers as qualifying individuals. US military servicepeople, health care workers, and emergency service volunteers Housing Education & Counseling Services Grants Amounts to be determined2 For supplementing the operational costs related to providing community housing counseling services within the Town. Not-for-profit organizations who are authorized by the US Department of Housing and Urban Development (HUD). Community Housing Plan 2023 28Section 4.7: Summary Table (Page 40, Southold Town Community Housing Plan)