Affordable Sales Price means a sales price at which Moderate, Low or Very Low Income Households can qualify for the purchase of target units, calculated on the basis of underwriting standards of mortgage financing available for the development.
Affordable Sales Price means the maximum purchase price that will be affordable to the specified household at the specified income level, calculated in accordance with California Health and Safety Code Section 50052.5. The affordable sales price shall include a reasonable down payment, and monthly housing payments (including interest, principal, mortgage insurance, property taxes, homeowners insurance, homeowners association dues, property maintenance and repairs, and a reasonable allowance for utilities), all as determined by the City.
Affordable Sales Price means the maximum sales price at which Very Low, Lower and Moderate Income Households can qualify for the purchase of Restricted Affordable Units as set forth in the City of Palo Alto’s Below Market Rate Housing Program. The sales price shall be considered affordable only if it is based on a reasonable down payment, and monthly housing payments (including interest, principal, mortgage insurance, property taxes and assessments, fire and casualty insurance, homeowners association fees, property maintenance and repairs, and a reasonable allowance for utilities), all as determined by the City, that are equal to or less than:
Examples of Affordable Sales Price in a sentence
Affordable Sales Price $367,000 (Less) Development Costs ($584,000) Affordability Gap - Moderate Income ($217,000) [1] Construction costs include prevailing wages.[2] Per California Health and Safety Code Section 50052.5, the affordable sale price for a Moderate Income household is to be based on 110% of AMI, whereas qualifying income can be up to 120% of AMI.[3] See Table D-2 for Moderate Income home price estimate.
Our role has been to provide a framework and encourage and foster participation so the membership could identify the challenges, aspirations, and specifics of a long-term plan.
At resale, the homeowner will be able to receive the equity from their original investment and any repayment of their first mortgage plus all the appreciation up to the maximum Affordable Sales Price (ASP).
Long-term affordability: The City will use a recorded regulatory agreement to ensure that houses are sold only to qualified lower income households, at an Affordable Sales Price as defined below.
An Affordable Sales Price is a sales price at which a household with an income equal to a specified percentage of area median income, adjusted for household size, pays no more than an Affordable Housing Cost.
More Definitions of Affordable Sales Price
Affordable Sales Price means a sales price, including taxes, insurance, dues, and utility costs, that results in a monthly housing cost (including mortgage, insurance and home association costs, if any) that does not exceed one-twelfth of 35 percent of the maximum annual income for a household of the applicable income (Very Low, Low, Moderate, Above Moderate) as calculated pursuant to pursuant to Section 18.210.050(B). Above moderate income affordable units may only be approved pursuant to Section 18.214.040(C)(1)(a) or Section 18.214.040(D).
Affordable Sales Price means the maximum purchase price that will be affordable to households earning less than fifty (50) percent of the median income, less than eighty (80) percent of the median income or less than one hundred twenty (120) percent of the median income as defined herein. In setting the affordable sales price, realistic assumptions regarding down payment, mortgage interest rate and term will be required, and those assumptions must demonstrate that targeted income families can reasonably qualify. If evidence is presented that shows to the satisfaction of the county that targeted income buyers can qualify for financing even though the percentage of their income allocated to housing is higher than thirty (30) percent, then a corresponding increase may be approved in the affordable sales price. Affordable sales price shall be based upon presumed occupancy levels of one person in a studio unit, two persons in a one-bedroom unit, three persons in a two-bedroom unit, and one additional person for each additional bedroom thereafter.
Affordable Sales Price means the maximum purchase price that will be affordable to the specified household at the specified income level as follows:
Affordable Sales Price means the maximum purchase price that will be affordable to the specified target income household. A maximum purchase price shall be considered affordable only if the owner-occupied monthly housing payment is equal to or less than one-twelfth of thirty percent of income for the specified target income household. Affordable sales price shall be based on presumed occupancy levels of one person in a studio unit, two persons in a one bedroom unit, three persons in a two bedroom unit, and one additional person for each additional bedroom thereafter.
Affordable Sales Price means a sales price which results in a monthly mortgage (including principal and interest), property taxes, utilities, and homeowner association fees, where applicable, which do not exceed one-twelfth of 35 percent of the maximum annual income for a household of the applicable income level.
Affordable Sales Price means the maximum pur- chase price that will be affordable to households earning less than one hundred twenty (120) percent of the medi- an income as defined herein. A maximum purchase price shall be considered affordable only if each month- ly owner-occupied housing payment is affordable to households earning less than one hundred twenty (120) percent of the median income in Placer County. In set- ting the affordable sales price, realistic assumptions re- garding down payment, mortgage interest rate and term will be required and those assumptions must demon- strate that targeted income families can reasonably qual- ify. If evidence is presented which shows to the satisfac- tion of the County that targeted income buyers can qual- ify for financing even though the percentage of their income allocated to housing is higher than thirty (30) percent, then a corresponding increase may be approved in the affordable sales price. Affordable sales price shall be based upon presumed occupancy levels of one person in a studio unit, two persons in a one-bedroom unit, three persons in a two-bedroom unit, and one additional person for each additional bedroom thereafter.
Affordable Sales Price. A sales price at which very low, lower or moderate income households can qualify for the purchase of qualifying units. BASE UNITS: The number of units allowed under the land use and zoning designation that are included within a housing development. CHILD CARE FACILITY: A facility, other than a day care home, licensed by the State of California to provide non-medical care to children under 18 years of age in need of personal services, supervision or assistance on less than a 24-hour basis. CITY: City of Placerville. DENSITY BONUS: An increase in density over the otherwise maximum allowable residential density under the applicable Zoning Ordinance and General Plan Land Use designation taking into account all applicable limitations.