[Amended 11-20-2018 by L.L. No. 13-2018]
The Town of Southold Housing Fund will provide the Town with
a mechanism to obtain funding and create programs that will increase
housing opportunities for families and individuals who cannot procure
affordable housing within the Town.
As used in this chapter, the following words and terms shall
have the following meanings:
FUND
The Town of Southold Housing Fund authorized pursuant to
this chapter.
HOUSING
Housing for households whose incomes are not sufficient,
pursuant to banking industry standards, to induce private lenders
to finance the costs of acquisition of a home with a value at or less
than median value as determined by the Town's assessment rolls, without
benefit of subsidies or special financing programs from the Town in
the case of owner-occupied housing, or in the case of rental housing,
as housing for households whose income is insufficient to pay the
monthly costs for such housing and maintain such costs within the
required percentages of the household's income based upon banking
industry standards.
INCOME ELIGIBLE INDIVIDUALS/FAMILIES
Those individuals/families whose incomes are below the designated
percentage of the HUD median income for the County of Suffolk, as
determined by the Southold Town Board. In addition, individuals/families
seeking grant assistance and loans from other public funding sources
may be limited to household incomes less than the HUD median income
for the County of Suffolk.
[Amended 11-20-2018 by L.L. No. 13-2018]
TOWN
The Town of Southold.