TO: Shelter Island Affordable Housing Group
  FROM: Alan Krauss
  DATE: April 2000

  RE: For your thinking prior to the April 29 meeting 
 

Potential Selling Participants for Affordable Homes on Shelter Island

   1. Elderly persons who have no family heirs or whose families are minimal & have no need for additional homes upon the death of the present owner. (A 100% gift using one of several options: will, unitrust, etc.)

   2. Retired couple/person leaving the area who could afford a lesser selling price. (A partial outright gift of 10 ó 50%)

   3. House and lot donors willing to take a 100% gift benefit in the $100,000 to $250,000 range. (This can be spread over 5 years on taxes)

   4. Benefactors ó willing to purchase a house and lot and then create a deferred gift andlor rent it to a family qualified through the housing corporation.
 

(Please brainstorm and add your own suggestions to the list!)

Locating Affordable Home for "Younger Families on Shelter Island

The following living quarters are possible for younger families:

Group A: Ready to move in condition: 2/3 bedroom homes, approx. 1250 sq. ft. (25 x 50 ft). One or one & 1/2 storey post 1950 built or older 2 storey homes.

Group B: Summer cottage type hoes which could be upgraded and/or expanded by adding 325 to 400 sq ft (13 x 25 approx) to reach 1100 - 1250 sq.ft. May also need to add heat.

Group C: Unusuable units which should be razed and replaced with a modular or stick-built home ($75,000 - $100,000)

All of the above units are single housing units on existing single-unit lots.

Class D: Currently non-complying second housing units on single unit lots for which a variance might be sought ONLY to provide an affordable home, if upgrading is required. Limit to a 2 bedroom unit.