[HISTORY: Adopted by the Town Board of the Town of East Hampton as indicated in article histories. Amendments noted where applicable.]
[Adopted 12-2-1977 as Ch. 65, Art. I, of the 1977 Code]
As used in this article, the following terms shall have the meanings indicated:
COMMUNITY DEVELOPMENT FUNDS
Moneys made available from the federal government through the Suffolk County Community Development Program under Title 1 of the Housing and Community Development Act of 1974.
FEDERAL OR STATE MORTGAGE INSURANCE
Programs operated by the Farmers Home Administration, Federal Housing Administration, the United States Department of Housing and Urban Development in general, the New York State Division of Housing and Community Renewal and such other programs as may be created for the assistance of mortgage loans on single-family residential property.
ROAD IMPROVEMENT UNITS
As set forth in § 232-1-30 of the East Hampton Town Code.
[Amended 5-15-2003 by L.L. No. 11-2003]
The Town Board of the Town of East Hampton may grant a subsidy from community development funds for road improvement units on single-family residences financed with the aid of federal or state mortgage insurance.
Assistance to prospective homeowners from community development funds will be made available to a mortgage insurance applicant only when a federal or state mortgage insurance agency certifies to the Town of East Hampton that said applicant is eligible for mortgage insurance covering the cost of the housing unit to be constructed, but that said applicant does not meet the agency's financial qualification if the cost of required road improvements is included in the mortgage amount.
[Amended 5-15-2003 by L.L. No. 11-2003]
In the case of mortgage applicants who meet the conditions specified in § 13-3, the Town of East Hampton may, by resolution, finance road improvement units required by the urban renewal plan adopted under Local Law No. 2 of 1976 or Chapter 232 of this Code using community development funds not in excess of $3,000 per dwelling unit to complete said road improvements.
[Adopted 12-2-1977 as Ch. 65, Art. II, of the 1977 Code]
As used in this article, the following terms shall have the meanings indicated:
COMMUNITY DEVELOPMENT FUNDS
Moneys made available from the federal government through the Suffolk County Community Program under Title 1 of the Housing and Community Development Act of 1974.
FEDERAL OR STATE MORTGAGE INSURANCE
Programs operated by the Farmers Home Administration, Federal Housing Administration, the United States Department of Housing and Urban Development in general, the New York State Division of Housing and Community Renewal and such other programs as may be created for the assistance of mortgage loans on single-family residential properties.
SUBSIDIZED LOT PURCHASES
The additional lots on an old filed map required to be joined to other lots to form an urban renewal parcel, as required by Local Law No. 2 of 1976, for use as a building lot.
URBAN RENEWAL PARCEL
A parcel created under the provisions of Local Law No. 2 of 1976 and administrative regulations pertaining thereto.
The Town Board of the Town of East Hampton may grant a subsidy from community development funds for the purchase of additional lots on an old filed map for use as building lots under programs assisted by the federal or state mortgage insurance programs.
Assistance to prospective homeowners from community development funds will be made available to a mortgage insurance applicant only when a federal or state mortgage insurance agency certifies to the Town of East Hampton that said applicant is eligible for a mortgage or mortgage insurance covering the cost of the housing unit and possibly road improvement units, but that said applicant does not meet the agency's financial qualifications if the cost of acquiring the additional necessary lots is included in the mortgage amount.
[Amended 5-15-2003 by L.L. No. 11-2003]
In the case of mortgage applicants who meet conditions specified in § 13-8 above, the Town Board of the Town of East Hampton may, by resolution, finance the acquisition of adjacent lots needed to form an urban renewal parcel required by an urban renewal plan adopted under Local Law No. 2 of 1976 or Chapter 232 of this Code using community development funds not in excess of $3,000 per prospective homeowner.