The Affordable Housing Program being offered at Sun Outdoors Islamorada is income based rental housing. The program is based on median household incomes for Monroe County, as outlined through the Islamorada, Village of Islands Planning and Development Services Department. The homes offered at Sun Outdoors Islamorada are one bedroom, one-bath homes with a maximum occupancy of two persons. Pets will not be allowed. One year leases will be required.
An Affordable Housing Income Certification form is required prior to occupancy, and must be completed by all current and prospective occupants of an affordable residential dwelling unit, pursuant to Chapter 30, Land Development Regulations, of the Code of Ordinances. All occupants, prior to occupancy, must be certified by the Village both prior to initial occupancy; and at each annual re-certification.
The recertification process will take place 90-days prior to the expiration date of the current lease expiration date. If it is determined that the occupants are overqualified for the program, they will be given notice to vacate upon expiration of their current lease. There will be no month-to-month lease holdovers in this program.
Documents required for application:
Maximum Monthly Rent Payment
Maximum monthly rent (not including utilities) is based on the following formula:
Unit with deed restrictions recorded after January 1, 2007: Not to exceed 30 percent of that amount which represents 120 percent of the monthly median household income for Monroe County.
Income Limits
Income Limits are based on the following formula:
-Total adjusted gross income of one or more naturalized persons or a family, which does not exceed 50% for very low income persons, 80% for low income persons and 140% for moderate income persons of the median annual adjusted gross household income for households within Monroe County.
Questions regarding the application process should contact the Resort Manager at Sun Outdoors Islamorada who can be reached by calling 844-728-3617.
Updated May 25, 2023
Date of Recording of Affordable Housing Deed Restriction | ||
Prior to January 1, 2007 | After January 1, 2007 | |
Deed Restriction Length | 20 Years | Perpetuity |
Maximum Sales Price | ||
Efficiency and 1 Bedroom | N/A | $ 364,125 |
2 Bedrooms | N/A | $ 412,675 |
3+ Bedrooms | N/A | $ 461,255 |
Maximum Size | 1,500 square feet* | 1,500 square feet |
Maximum Monthly Payments | ||
Mortgage (including Principal, Interest, Taxes, and Insurance [PITI] & not including utilities) | $2,913 | N/A |
Rent (not including utilities) | $2,913 | Moderate: $2,427 Low: $1,942 Very Low: $1,214 |
* Existing units permitted larger than 1,500 square feet may continue but may not be enlarged. |
INCOME LIMITS** | Very Low 50% | Low 80% | Moderate 140% |
Household Size | |||
1 Person | $38,000 | $60,800 | $106,400 |
2 Person | $43,400 | $69,450 | $121,520 |
3 Person | $48,850 | $78,150 | $136,780 |
4 Person | $54,250 | $86,800 | $151,900 |
5 Person | $58,600 | $93,750 | $164,080 |
6 Person | $62,950 | $100,700 | $176,200 |
7 Person | $67,300 | $107,650 | $188,440 |
8 Person | $71,650 | $114,600 | $200,620 |
**Based on annual median household income for Monroe County $97,100
Maximum Sales Price
Maximum sales price is based on the following formulas:
Efficiency and 1 bedroom unit: 3.75 times the annual median household income for Monroe County
2 bedroom unit: 4.25 times the annual median household income for Monroe County
3 or more bedroom unit: 4.75 times the annual median household income for Monroe County
Maximum Monthly Rent and Mortgage Payment
Maximum monthly rent (not include<> prior to January 1, 2007: Not to exceed 30 percent of that amount which represents 120 percent of the monthly median household income for Monroe County
- Unit with deed restriction recorded after January 1, 2007: Not to exceed 30 percent of that amount which represents 100 percent of the monthly median household income for Monroe County
Maximum monthly mortgage payment (including taxes and insurance, but not including utilities) is based on the following formula:
- Unit with deed restriction recorded prior to January 1, 2007: Not to exceed 30 percent of that amount which represents 120 percent of the monthly median household income for Monroe County
Income Limits
Income Limits are based on the following formula:
- Total adjusted gross income of one or more naturalized persons or a family, which does not exceed 50% for very low income persons, 80% for low income persons and 140% for moderate income persons of the median annual adjusted gross household income for households within Monroe County.
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