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.
Each time the Assisted Unit is sold, it may not be sold for more than the Affordable Sales Price calculated at the time of sale; please note that this will change over time based on changes in the maximum income levels and interest rates.
This Exhibit describes how the Affordable Housing Cost and Affordable Sales Price are calculated for each Assisted Unit.
This requires that the Assisted Unit be sold at an Affordable Sales Price.
The Subordinate Shared Appreciation Loan amount is Developer Discount, which the difference, if any, between the restricted Affordable Sales Price of the Inclusionary Home and its Fair Market Value at the time of the initial sale to the purchaser.
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 costs, including principal, interest, utilities, and insurance, are equal to or less than one-twelfth of thirty (30) percent of the annual household income for the specified target income household. Affordable sales price shall be based upon presumed occupancy levels of one person in a studio unit, two (2) persons in a one-bedroom unit, three (3) 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.
Affordable Sales Price means a sales price at which very low, lower, or moderate-income households can qualify for the purchase of target units, calculated in accordance with California Health and Safety Code Section 50052.5 and the regulations adopted by the California Department of Housing and Community Development pursuant to that section.
Affordable Sales Price means a sales price that results in a monthly housing cost (including mortgage payments, mortgage insurance, (if any), homeowners' insurance, property taxes, homeowners' association costs, assessments (if any), and a Utility Allowance, that does not exceed one-twelfth (1/12th) of thirty percent (30%) of one hundred ten percent (110%) of Area Median Income for households of the Assumed Household Size for the dwelling unit.