HomeMy WebLinkAbout2023 Affordable Housing Pricing =oOgUfFO(,yC3 RESOLUTION 2023-496
ADOPTED DOC ID: 19192
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2023-496 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
MAY 23, 2023:
RESOLVED that the Town Board of the Town of Southold hereby sets the maximum initial
sales price and maximum allowable monthly rent for 2023 for affordable housing units as
follows:
2023 Home Purchase Price May Not Exceed
Households earning 80% or less of the HUD $255,000*
median income for Nassau/Suffolk
Households earning 100% or less of the HUD $390,750**
median income for Nassau/Suffolk
Households earning 120% or less of the HUD $468,900***
median income for Nassau/Suffolk
* 2.5 times the 80% median income family of four-Nassau/Suffolk County ($102,000)
**2.5 times the 100% median income family of four -Nassau/Suffolk County ($156,300)
***2.5 times the 120% median income family of four -Nassau/Suffolk County ($187,560)
2023 Monthly Rental Amounts May Not Exceed (utilities may or may not be included)
Efficiency $ 1536***
One Bedroom $ 1914***
Two Bedroom $ 2297***
Three Bedroom $ 2952***
Four Bedroom $ 3245***
*** 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 $390,750 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 Lone Island
Workforce Housing Act.
Denis Noncarrow
Southold Town Clerk
Resolution 2023-496 Board Meeting of May 23, 2023
RESULT: ADOPTED [UNANIMOUS]
MOVER: Louisa P. Evans, Justice
SECONDER:Greg Doroski, Councilman
AYES: Nappa, Doroski, Mealy, Doherty, Evans, Russell
Updated: 5/23/2023 8:36 AM by Denis Noncarrow Page 2