[HISTORY: Adopted by the Common Council of the City of Peekskill 1-24-2022 by L.L. No. 1-2022. Amendments noted where applicable.]
ATTACHMENTS
Attachment 1 - Affordable housing program policies and procedures
As used in this chapter, the following terms shall have the meanings indicated:
AFFORDABLE HOUSING FUND
A fund held and maintained by the City of Peekskill that shall be used for property improvement assistance for existing residential and mixed residential/commercial properties in Peekskill, for program administrative costs, and for other actions taken for the furtherance of improving and increasing affordable housing for low- and moderate-income households City-wide.
AFFORDABLE HOUSING UNIT
A rental dwelling unit that is priced to be affordable to qualified household whose income is not less than 40% of AMI and not greater than 60% of AMI and for which the annual housing cost of the unit, defined as rent plus any tenant-paid utilities or fees, for the approved household does not exceed 30% of the qualified household's income.
AREA MEDIAN INCOME (AMI)
Median income for the County of Westchester as published annually by the U.S. Department of Housing and Urban Development and adjusted by household size.
SUBSTANTIAL RENOVATION
As defined in the NYS Building Code, when the work (renovation) area exceeds 50% of the building area.
WORKFORCE HOUSING UNIT
A. 
A rental dwelling unit that is priced to be affordable to a qualified household whose income is not less than 61% of AMI and not greater than 80% of AMI and for which the annual housing cost of the unit, defined as rent plus any tenant-paid utilities or fees, does not exceed 30% of the household's income.
B. 
A for-sale dwelling unit that is priced to be affordable to a qualified household whose income is not less than 61% of AMI and not greater than 80% of the AMI and for which the annual housing cost of a unit, including common charges, principal, interest, real estate taxes, insurance and amenities charges if any, does not exceed 33% of the qualified household's income.
A. 
Within all residential or mixed-use developments of 10 or more dwelling units created by subdivision or site development plan approval, including new construction, conversion of nonresidential structures to residential use, or substantial renovation of vacant structures, no less than 5% of the total number of dwelling units in rental housing must be created as affordable housing units and no less than 5% of the total number of dwelling units must be created as workforce housing units, and no less than 10% of the total number of dwelling units in for-sale housing must be created as workforce housing units, rounded to the nearest whole number. When the computed number of units contains .5, then the number of required units will be rounded up to the next whole number. When the computation for a rental development results in an odd number of required units, the odd unit will be an affordable unit.
B. 
The Council will adopt criteria setting forth the parameters that the Council will use to consider a request for a payment of a fee-in-lieu of providing affordable and workforce housing units. Once these criteria are adopted, a developer may request to make a payment of a fee-in-lieu of providing on-site affordable and workforce housing units. Such authorization for a fee-in-lieu will be subject to the discretion of the Common Council. The per-unit fee, regardless of unit size, shall be 1.5 times the AMI for a household of four for the year in which the project is approved.
The maximum monthly rent and the maximum sales price for an affordable housing unit and a workforce housing unit shall be established in accordance with the City of Peekskill Policies and Procedures for Affordable and Workforce Housing.[1]
[1]
Editor's Note: See 155 Attachment 1.
The affordable housing units and workforce housing units created under the provisions of this chapter shall be sold or rented and resold and rerented, during the required period of affordability, to only qualifying income-eligible households. The City shall give preference to income-eligible residents who have resided within the City of Peekskill for the immediately preceding five years. Qualified households with incomes no less than 40% of AMI and no greater than 60% of AMI shall be eligible for the affordable housing rental units and households with incomes no less than 61% of AMI and no greater than 80% of AMI shall be eligible for the workforce housing rental units. Qualified households with incomes no less than 61% of AMI and no greater than 80% of AMI will be eligible for workforce for sale units. Such income-eligible households will be solicited in accordance with the City Policies and Procedures for Affordable and Workforce Housing.[1] The City may designate a qualified not-for-profit organization to market the affordable and workforce housing units and to screen and select the applicants for the affordable and workforce housing units in accordance with the City's Policies and Procedures.
[1]
Editor's Note: See 155 Attachment 1.
Units designated as affordable and workforce housing units must remain affordable for a minimum of 50 years from the date of the original lease-up for rental properties and from the date of original sale for for-purchase units unless sold in accordance with § 155-9.
A property containing any affordable or workforce housing units must be restricted by using a declaration of restrictive covenant, in recordable form acceptable to the Corporation Counsel, that shall ensure that the affordable and workforce housing units shall remain subject to affordability requirements for the minimum fifty-year period of affordability. Among other provisions, the covenant shall require that the unit be the primary residence of the resident household selected to occupy the unit. Upon approval, such declaration shall be recorded against the property containing the affordable and workforce housing units prior to the issuance of a certificate of occupancy for any dwelling unit on the property.
A. 
Within single-family developments, all units shall be comparable in appearance, siting and exterior design to the other single-family homes in the development and shall be distributed in the same proportion and location as all other units in the development, according to bedroom count.
B. 
Within multifamily developments, the affordable and workforce units shall be physically integrated into the design of the development and shall be distributed in the same proportion and location as all other units in the development, according to bedroom count.
C. 
The exterior appearance of the affordable and workforce housing units shall not distinguish them as a class from the unrestricted units.
D. 
Affordable and workforce units will not have separate entrances from the market rate units in multifamily buildings.
The City may designate a qualified not-for-profit organization to handle the marketing, income and other eligibility requirements and monitoring applicable to the affordable and workforce housing units. The costs of such administration and monitoring shall be borne by the developer/owner in accordance with a fee schedule approved by the City.
A. 
Occupants of affordable or workforce housing units shall be income-certified every two years.
B. 
A person renting an affordable or workforce housing unit shall enter into a lease for a term of not greater than two years. As long as the renter remains eligible and has complied with the terms of the lease, the renter shall be offered renewal leases for a term no greater than two years.
C. 
If a renter's annual gross income should subsequently exceed the maximum then allowable, as defined in this chapter, then the renter shall pay 30% of household income with the amount above the applicable affordable or workforce rent to be deposited into an affordable housing fund managed by the City.
A. 
In the case of for-sale workforce housing units, the title to said property shall be restricted so that, in the event of any resale by the homebuyer or any successor, the resale price shall not exceed the then-maximum sales price for said unit for a ten-year period commencing at the date of the original sale, as determined as follows:
(1) 
The purchase price paid for the unit by the selling owner, increased by the percentage increase, if any, in the Consumer Price Index for Urban Wage Earners and Clerical Workers in the New York-Northern New Jersey Area as published by the United States Bureau of Labor Statistics (the "index") on any date between (a) the month that is two months earlier than the month in which the selling owner acquired the unit and (b) the month that is two months earlier than the month in which the seller contracts to sell the unit. If the Bureau stops publishing this index and fails to designate a substitute index, the City will designate a substitute index; and
(2) 
The cost of major capital improvements made by the seller of the unit while said seller owned the unit, as evidenced by paid receipts depreciated on a straight-line basis over a fifteen-year period from the date of completion; provided, however, that approval of the administrative and monitoring agency identified in § 155-7 shall be required before the cost of any major capital improvement is included in the resale price.
B. 
In the case of for-sale workforce housing units sold after 10 years from the original sale, the selling owner may sell the property at market value on the condition that 50% of the appreciated value be shared with the City and deposited into the affordable housing fund.
This chapter shall apply to applications for subdivisions, building permits, and site plan approvals submitted subsequent to the effective date of this chapter.