Examples of Affordable ownership cost in a sentence

Affordable Sales Price means a sales price that will result in an Affordable Ownership Cost for a household whose Gross Annual Household Income does not exceed 110% of Area Median Income (defined in Section 6.b above) based upon Assumed Household Size (defined below).

More Definitions of Affordable ownership cost

Affordable ownership cost means a reasonable down payment and an average monthly housing cost during the first calendar year of occupancy, including mortgage loan principal and interest, mortgage insurance, property taxes and property assessments, homeowners insurance, homeowners association dues, if any, and all other dues and fees assessed as a condition of property ownership, which does not exceed: (1) 30 percent of 50 percent of area median income for very low income households; (2) 30 percent of 70 percent of area median income for lower income households; (3) 30 percent of 90 percent of area median income for median-income households; (4) 30 percent of 110 percent of area median income for moderate-income households; (5) 30 percent of 150 percent of area median income for workforce-income households. Area median income shall be adjusted for assumed household size based on unit size as follows: one person in a studio unit, two persons in a one-bedroom unit, three persons in a two-bedroom unit, four persons in a three-bedroom unit, five persons in a four- bedroom unit, and six persons in a five-bedroom unit. The inclusionary housing guidelines may incorporate procedures for determining affordable ownership cost in accordance with this section.

Affordable ownership cost means average monthly housing costs, during the first calendar year of a household’s occupancy, including mortgage payments, property taxes, homeowner’s insurance, and homeowner’s association dues, if any, the sum of which does not exceed eighty percent of area median income, adjusted for assumed household size based on unit size, multiplied by thirty percent and divided by twelve.

Affordable ownership cost means a monthly obligation to pay mortgage principal and interest, property taxes and assessments, homeowner’s insurance, mortgage insurance, utilities, a reasonable maintenance factor as determined by the City Administrator at initial sale that is increased annually by 5%, and homeowners’ association dues (if applicable) in an aggregate amount not greater than the following: for units that are restricted for sale to Moderate-Income Households - one-twelfth of thirty-five percent (35%) of one hundred ten percent (110%) of AMI, adjusted for Household Size Appropriate for the Unit. In calculating Affordable Ownership Cost, the down payment percentage will be assumed at 10% of the sales price, mortgage payments will be calculated using a thirty (30) year term, an interest rate equal to the Federal National Mortgage Association’s (FNMA) required net yield for 30-year fixed rate mortgages (60-day Actual/Actual) as of the date and time of day specified by the City, adding 0.625%, and rounding to the nearest one eighth of one percentage point (0.125%). If the FNMA- required net yield cannot be determined, the assumed interest rate shall be set by City using a comparable rate intended to approximate typical rates available to borrowers for 30-year conventional fixed-rate mortgages.

Affordable ownership cost means a sales price that results in a monthly housing cost (including mortgage payment, interest, property taxes, insurance, utilities, maintenance and home association costs, if any) that does not exceed the following calculation for a Household of the applicable income (moderate- or low-income). :

Affordable ownership cost for low income households means average monthly housing costs during the first calendar year of a household’s occupancy, including mortgage payments, property taxes, homeowner’s insurance, and homeowner’s association dues, if any, the sum of which does not exceed eighty percent of area median income, adjusted for assumed household size based on unit size, multiplied by thirty percent and divided by twelve. Affordable ownership cost for moderate and very low income households is defined at Section 24.16.205(1).

Affordable ownership cost means a sales price for a below market rate unit, based on a reasonable down payment, that results in a monthly housing cost (including mortgage principal