As used in this section, the following words and terms shall
have the following meanings:
BOARD
The advisory board created pursuant to § 64-K Subdivision
6 of the New York State Town Law (also referred to as the "Peconic
Bay Region Community Housing Act" (the "Act")).
COMMUNITY HOUSING
A primary residential property for an eligible individual
that does not exceed 150% of the purchase price limits established
by the State of New York Mortgage Fund.
ELIGIBLE INDIVIDUAL
A member of a household where the income of that household
does not exceed 100% of the income limits as established by the State
of New York Mortgage Agency Low Interest Rate Loan Program in nontarget
categories for Suffolk County in effect on the contract date for the
sale of such property.
FIRST-TIME HOMEBUYER
An eligible individual who has not owned a primary residential
property and not married to a person who has owned a residential property
during the three-year period prior to that individual's purchase
of the primary residential property and who does not own or have a
current ownership interest in a vacation or investment home, and as
hereafter amended from time to time by the state legislature.
FUND
The community housing opportunity fund authorized pursuant
to § 64-K Subdivision 2 of the Act.
RESIDENT OF THE TOWN
A person who is currently a resident of the Town or a nonresident
who has been a resident of the Town within the past five years, measured
as of the time of screening of an applicant for an opportunity created
under this chapter.
TOWN
The Town of East Hampton.
The effective date of this legislation and Chapter
162 ("Supplemental Real Estate Transfer Tax for Community Housing") is contingent upon approval by mandatory referendum.