Annual Household Income Limits

The maximum initial sales price and maximum allowable monthly rent for 2017 for affordable housing units as follows:

               

                Home Purchase Price May Not Exceed

                Households earning 80% or less of the HUD         $221,625*

                median income for Nassau/Suffolk                       

                Households earning 100% or less of the HUD       $277,000**

                median income for Nassau/Suffolk                

                Households earning 120% or less of the HUD       $332,379***

                median income for Nassau/Suffolk

* 2.5 times the 80% median income family of four - Nassau/Suffolk County ($88,650)

**2.5 times the 100% median income family of four - Nassau/Suffolk County ($110,800)

***2.5 times the 120% median income family of four - Nassau/Suffolk County ($132,950)

Monthly Rental Amounts May Not Exceed (not including utilities) 

                Efficiency                           $  970***

                One Bedroom                     $ 1039***

                Two Bedroom                     $ 1247***

                Three Bedroom                   $ 1440***

                Four Bedroom                     $ 1607***

                                *** represents Nassau/Suffolk Low Home Rent Limit

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 $221,625 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 Housing Act.