PEABODY – Details of City Councilor Ted Bettencourt’s proposed heating assistance program were released Thursday night during the regular meeting of the City Council.He hopes to offer aide to low-income residents during the soon approaching cold winter months with the help of Inclusionary Zoning Buyout funds, typically reserved for affordable housing use.His idea was first brought to the table last week barring any great specifics, and received unanimous support from his fellow councilors. After consulting members of City Hall, he put together a more detailed list regarding program guidelines.Bettencourt said the purpose of the City of Peabody Fuel Assistance Program is to assist qualified Peabody residents and families by paying a portion of their home heating bill. Residents may either own or rent their home and must be current in city tax and water/sewer payments to qualify. Eligibility will also be based on household size and gross annual income, which cannot exceed 200 percent of the federal poverty guidelines.As of date, $1.2 million remains in the IZ Buyout fund, which first became available when the developer of the Highlands at Dearborn apartment complex opted to pay the lump sum in lieu of creating affordable housing units. Bettencourt’s program would request to use roughly 10 percent of those funds.”I know it is a grave concern to many senior citizens and families on fixed incomes that these fuel costs will have a deep effect on their already tight budgets,” Bettencourt said in his proposal last week. “During this difficult economic period we are all experiencing, it is important that we as city leaders try to find ways to assist those who are struggling.”Bettencourt went on to say that “utilizing a portion of these funds to create a heating-assistance program would allow the city to financially assist a large number of people during these difficult economic times rather that a small number of homes.”His remarks are based on the ordinance that permits use of IZ Buyout funds specifically for financing affordable housing developments in the city. He believes more people will benefit from the use of funds through a program such as the one he proposed.Councilors approved his motion to look into the idea further with the Finance Committee, as well as to have City Solicitor John Christopher give his opinion on how and if the heating program would be an allowed use of those funds. The Council will continue the discussion at their next and last meeting of the year on Dec. 11.