Pawling, N.Y., Code of Ordinances ch. 55 (eCode360 ed. 2026) § 55-4

The Affordable Housing Board shall apply the following standards to affordable housing that is to be sold to income-eligible households: A. Affordable rates. (1) Affordable index: the index which is used to calculate the purchase target rate and purchase ceiling rate as defined above. Said index is calculated by taking the affordable price of a single-family dwelling for a median-income household of four in Dutchess County, as calculated by the Dutchess County Planning Department from time to time, multiplied by 2.25 (to reflect standards set by the Department of Housing and Urban Development). (2) Purchase target rate: the threshold price at which the affordable housing unit is affordable to a qualifying buyer. It is calculated by taking the affordable index and adjusting the index by the size of the household and the housing unit. This target rate is determined by multiplying the affordable index by the following factors: Size of Housing Unit Factor 0-bedroom 0.7 1-bedroom 0.8 2-bedroom 0.9 3-bedroom 1.0 4-bedroom 1.1 5-bedroom 1.2 (3) Purchase ceiling rate: the price for the various sized housing units that is the maximum price chargeable for a housing unit. If a housing unit were to be targeted for sale at a price above the purchase ceiling rate, then that unit would no longer be considered an affordable housing unit and ineligible for consideration for a density bonus. The purchase ceiling rate is the purchase target rate multiplied by 120% [1.2]. (4) Density bonus prices. A developer making an application hereunder shall state the proposed sales price of the affordable housing unit(s) to be constructed. It is recognized that the actual price to be charged for affordable housing must reflect changes in conditions which occur between the date of the application under this chapter and the date of completion of the development. The rules and regulations adopted by the Affordable Housing Board shall contain provisions allowing for such changes. B. Income eligibility. To be eligible to purchase affordable housing, a household's aggregate income shall not exceed 120% [1.2] of the qualifying income required for the purchase of affordable housing sold at the unit's purchase ceiling rate. C. Net assets. (1) Net assets limitation. To ensure that the affordable housing units created herein will, in fact, be purchased by those persons with need for the same, in addition to the income eligibility requirement, the Affordable Housing Board shall exclude from the list of eligible persons those with net assets exceeding 50% of the cost of a three-bedroom target rate affordable housing unit. The determination of net assets shall be as promulgated in the rules and regulations of the Affordable Housing Board. (2) Net assets as income exception. It is recognized that, under certain circumstances, a person(s) seeking affordable housing may have substantial net assets exceeding the limits above, but due to age and/or disability, does not receive an appreciable income and therefore relies on net worth in lieu thereof. For these persons, the Affordable Housing Board, on proper evidence, may make an exception to the net assets eligibility rule. The exception is intended to apply in particular to the elderly and/or disabled who do not produce an income but may have significant net assets (i.e, home equity, etc.).