[HISTORY: Adopted by the Board of Trustees
of the Village of Southampton 8-14-2008 by L.L. No. 7-2008. Amendments noted where
applicable.]
A.Â
The purpose of this chapter is to establish a Village
of Southampton Workforce Housing Trust Fund. The fund is intended
to provide the Village with a mechanism for funding and creating housing
opportunities for families and individuals, who are residents of the
Village of Southampton and/or employed in the Village of Southampton,
who cannot procure affordable housing within the Village.
B.Â
Affordable workforce housing is critical. Employers
grapple with the task of hiring and retaining employees because of
the limited availability of affordable housing. Recruiting and retaining
essential personnel (e.g., public safety, health care, municipal employees,
volunteer EMS, and fire protection) has become increasingly challenging
because of the lack of affordable housing. Volunteer emergency services
also are impacted by the lack of affordable housing, prompting the
possibility of paid services. The Village Board of Trustees finds
that there is a need to ensure housing opportunities for income-eligible
households in order to sustain the local economy and community services.
Presently, income-eligible households priced out of market-rate housing
include health-care professionals, teachers, municipal staff, shop
clerks, mechanics, and many others. Additionally, the Village Board
of Trustees finds that there is a need to sustain the ranks of its
volunteers who provide critical public-safety services for fire protection
and emergency medical services. Therefore, the Village Board of Trustees
finds that establishment of the Workforce Housing Trust Fund will
serve a valid public purpose.
A.Â
The Village Board of Trustees hereby establishes the
Village of Southampton Workforce Housing Trust Fund.
B.Â
Deposits into said fund may include monies from the
following sources:
(1)Â
Donations or gifts made to the Village for the purpose
of providing affordable workforce housing or providing down-payment
assistance to eligible homebuyers who qualify for such assistance;
(2)Â
Federal, state, county or other grants received by
the Village for the purpose of providing affordable workforce housing
or providing down-payment assistance to eligible homebuyers who qualify
for such assistance;
(3)Â
Fees received by the Village pursuant to state or
local legislation for the purpose of providing affordable workforce
housing or providing down-payment assistance to eligible homebuyers
who qualify for such assistance;
(4)Â
Repayment of loans issued from monies of said fund;
(5)Â
Proceeds received by the Village from the sale of
workforce housing produced from monies of said fund and rents received
by the Village from the rental of workforce housing produced from
monies of said fund.
C.Â
Interest accrued from monies deposited into said fund
shall be credited to said fund.
D.Â
Monies deposited into said fund shall not be transferred
to any other account without a resolution of the Village Board of
Trustees.
A.Â
The Village of Southampton Workforce Housing Trust
Fund shall be utilized to the extent permitted by law exclusively
for the following purposes:
(1)Â
The provision of no-interest or low-interest loans
to income-eligible families or individuals who reside and/or work
in the Village for the purpose of providing down-payment assistance
to eligible homebuyers for the purchase of a first home;
(2)Â
The production of workforce housing (including acquisition
of real property for the purpose of providing workforce housing, construction
of workforce housing, rehabilitation of existing structures for the
purpose of providing workforce housing, and costs and expenses related
thereto) for sale or rental to income-eligible families or individuals
who reside and/or work in the Village;
(3)Â
The provision of housing counseling services and other
services in furtherance of the purposes of said fund by not-for-profit
corporations that are authorized by the Village to provide said services.
B.Â
The Village Board of Trustees shall establish by resolution
a down-payment assistance program applicable to the provision of no-interest
or low-interest loans to eligible homebuyers pursuant to Subsection
A(l) above. Such program may include rules, regulations, restrictions,
guidelines and policies applicable thereto. Such program may be amended
from time to time by resolution of the Village Board of Trustees.
C.Â
The Village Board of Trustees reserves the right to establish by resolution a program applicable to the production of workforce housing for sale or rental to eligible families or individuals pursuant to Subsection A(2) above. Such program may include rules, regulations. restrictions, guidelines and policies applicable thereto. Such program may be amended from time to time by resolution of the Village Board of Trustees.
