[Adopted 8-2-2022 by L.L. No. 8-2022]
A. 
The Town of Southold Community Housing Fund is hereby established pursuant to the provisions of § 64-k(2) of the State Town Law.
B. 
Deposits into the fund shall include (i) all revenues from the supplemental real estate transfer tax authorized by Subdivision 2 of § 1449-bb of the Tax Law, (ii) all proceeds from any indebtedness or obligations issued pursuant to the Local Finance Law for community housing opportunity purposes as authorized in Subdivision 3 of § 64-k of the Town Law, (iii) any proceeds received by the Town from the sale or rental of community housing produced from revenues of the fund: and (iv) the repayment of any loans issued from proceeds of the fund.
C. 
Deposits into the fund may also include (i) general fund balances or surpluses, (ii) any gifts of interests in land or funds: and (iii) any state or federal grants received by the Town for providing affordable homes.
Purposes of the fund. The proceeds of the fund established pursuant to § 17-47 of this article shall be utilized for the following purposes:
A. 
The provision of financial assistance to first-time homebuyers who are residents of the Town for the purchase of a first home. Such financial assistance may be in the form of a grant or a loan.
(1) 
Financial assistance may be provided for the purchase of a first home to a first time homebuyer who is a resident of the Town or who is employed in the Town. "A resident of the Town" shall include a person who is currently a resident of the Town or a nonresident who has been a resident within the past five years.
(2) 
Such financial assistance shall not exceed 50% of the purchase price of the home.
(3) 
If such financial assistance is in the form of a loan, such loan shall be repayable to the Town pursuant to the terms agreed to between the recipient and the Town, provided that any loan shall be fully repaid by the recipient upon the resale of the home.
(4) 
For the purposes of calculating Town tax liability for such property, only, the dollar amount of any financial assistance for the purchase of a first home made by the Town pursuant to this section shall be subtracted from the full equalized assessed value of such property.
(5) 
All revenues received by the Town from the repayment of a loan shall be deposited in the fund.
(6) 
A Town may provide financial assistance for community housing in conjunction with a public/private partnership for employer assisted housing.
B. 
The actual production of community housing for sale to eligible individuals by the Town.
C. 
The actual production of community housing for sale to eligible individuals in conjunction with a public/private partnership, where the private partner agrees to comply with the profit guidelines of the New York State Affordable Housing Corporation and the provisions of this section.
D. 
The actual production and maintenance of community housing for rental to eligible individuals either by the Town or the Town Housing Authority; or in conjunction with a public/private partnership, where the private partner agrees to comply with the profit guidelines of the New York State Affordable Housing Corporation and the provisions of this section.
E. 
The rehabilitation of existing buildings and structures in the Town for the purpose of conversion to community housing for sale or rental to eligible individuals.
F. 
The acquisition of interests in real property in existing housing units, which will result in the production of community housing for sale or rental to eligible individuals.
G. 
The provision of housing counseling services by not-for-profit corporations who are authorized by the United States Department of Housing and Urban Development to provide such services.
Interest accrued by monies deposited into the fund shall be credited to the fund. In no event shall monies deposited into the fund be transferred to any other account. Nothing contained in this section shall be construed to prevent the financing in whole or in part, pursuant to the state Local Finance Law, of any purpose authorized pursuant to this section. Monies from the fund may be utilized to repay indebtedness or obligations incurred pursuant to the state Local Finance Law consistent with effectuating the purposes of this article.
For the purposes of this article, eligible expenses relating to the production of community housing and the rehabilitation of existing buildings and structures under the fund shall include but not be limited to land acquisition, planning, engineering, construction costs, and other hard and soft costs directly related to the construction, rehabilitation, purchase or rental of housing pursuant to this section. All revenues received by the Town from the sale or rental of community homes or the repayment of loans shall be deposited in the fund.
An advisory board is hereby created to review and make recommendations regarding the Town's community housing plan required by § 17-52 of this article. Such board shall consist of not less than seven nor more than 15 legal residents of the Town who shall serve without compensation. No member of the Town Board shall serve on the advisory board. The board shall include a representative of: (a) the construction industry: (b) the real estate industry: (c) the banking industry; (d) three representatives of local housing advocacy or human services organizations: and (e) at least one resident from a participating village. The Advisory Board shall act in an advisory capacity to the Town Board.
[Amended 10-10-2023 by L.L. No. 27-2023]
The Community Housing Plan may be viewed in its entirety on the Town's website, www.southoldtownny.gov, or by contacting the Southold Town Clerk's office: (631) 765-1800.
A. 
The participation of any Village in the production of community housing authorized by this article shall be at the option of the Village. In order to participate, a Village shall pass a resolution opting into the program and shall submit said resolution to the Town Board.
B. 
Where a Village opts to participate pursuant to this article, an intergovernmental agreement shall be executed pursuant to Article 5-G of the General Municipal Law or other applicable legal authority, in order to establish the rights and responsibilities of each local government regarding community housing opportunities.
C. 
Regardless of whether a Village participates in the program authorized by this article, properties in the Village shall be subject to the supplemental real estate transfer tax authorized by Subdivision 2 of § 1499-bb of the Tax Law and § 17-21B of this chapter.