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.
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.
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. 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.
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.
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.
This chapter shall apply to applications for subdivisions, building
permits, and site plan approvals submitted subsequent to the effective
date of this chapter.