[Amended 8-12-2008 by L.L. No. 9-2008; 8-26-2014 by L.L. No. 10-2014]
Unless otherwise expressly stated, the following terms shall, for the purpose of this chapter, have the meanings as herein defined. Any word or term not noted below shall be used with a meaning as defined in Webster's Third New International Dictionary of the English Language, unabridged (or latest edition).
ASSETIncludes real property holdings and equity, personal property (car, boat, etc.) valued in excess of $10,000, savings, cash, IRAs, 401k, and any federally recognized tax-deferred vehicles.
CONSUMER PRICE INDEXThe consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics, for the New York Metropolitan area.
CONVEYANCEThe transfer or transfers of any interest in real property by any method, including but not limited to, sale, exchange, assignment, surrender, mortgage foreclosure, transfer in lieu of foreclosure, option, trust indenture, taking by eminent domain, conveyance upon liquidation or by a receiver, or transfer or acquisition of a controlling interest in any entity with an interest in real property. Notwithstanding the foregoing, conveyance of real property shall not include a conveyance made pursuant to devise, bequest or inheritance; the creation, modification, extension, spreading, severance, consolidation, assignment, transfer, release or satisfaction of a mortgage; a mortgage subordination agreement, a mortgage severance agreement or an instrument given to perfect or correct a recorded mortgage; or a release of lien of tax pursuant to this article or the Internal Revenue Code.
GOVERNMENT LIAISON OFFICERThe Government Liaison Officer or other employee of the Town as designated by the Town Board who is responsible for the development, implementation and coordination of the housing registry and affordable housing initiatives for the Town of Southold.
[Added 5-3-2016 by L.L. No. 4-2016; amended 8-23-2016 by L.L. No. 7-2016]
HEAD OF HOUSEHOLDThe adult member of the family who is the head of the household for purposes of determining income eligibility and rent.
HOUSEHOLDThe family and live-in aide, if applicable.
MODERATE-INCOME FAMILYA family registered with the Town of Southold Housing Registry whose aggregate annual income, including the total of all current annual income of all family members (excluding the earnings of working family members under age 18) from any source whatsoever at the time of application for the purchase or lease of an affordable housing unit or the purchase of an unimproved affordable lot, does not exceed 120% of the HUD median income for the County of Suffolk.
MODERATE-INCOME FAMILY DWELLING UNITA dwelling unit reserved for rent or sale to a moderate-income family and for which the maximum monthly rent (excluding utilities) or the maximum initial sales price does not exceed the maximum rent or maximum sales price set forth in §
280-30D hereof.
MODERATE-INCOME FAMILY UNIMPROVED LOTAn unimproved lot reserved for sale to a moderate-income family and for which the maximum initial sales price does not exceed the maximum sales price set forth in §
280-30D hereof. Said "unimproved lot" shall mean a vacant parcel of real property designated as a lot on a filed map, inclusive of all utilities brought to the property line.
NET WORTHThe net worth of an applicant shall include all liquid assets less debt. Liquid assets shall not include sheltered assets, trusts, individual retirement accounts (IRAs), 401ks and all other federally recognized tax-deferred vehicles.
PERMANENT FIXED IMPROVEMENTAn improvement to a lot or a moderate-income family dwelling unit which cannot be removed and which provides value to the property above and beyond repairs done to maintain the property in good condition. A permanent fixed improvement must be approved in advance of construction or installation in writing by the Government Liaison Officer.
[Amended 5-3-2016 by L.L. No. 4-2016; 8-23-2016 by L.L. No. 7-2016]