Monthly Housing Cost means, for a Lower Income Household purchasing the Property, all of the following associated with the Property, estimated or known as of the date of the proposed sale of the Property: (i) principal and interest payments on a mortgage loan, and any loan insurance fees associated therewith (provided that if the mortgage loan obtained by the purchaser contains an adjustable interest rate, then for the purposes of this Restriction the principal and interest payments shall be deemed to be those which would be due upon a mortgage loan amortized over a thirty year period with an interest rate equal to prevailing market rates for thirty- year fixed-rate mortgage loans; provided further that such clause shall not be deemed to permit the use of adjustable interest rate loans with respect to the Property); (ii) property taxes and assessments;(iii) fire and casualty insurance covering replacement value of property improvements; (iv) any homeowner association fees; and (v) a reasonable utility allowance. Monthly housing cost of a purchaser shall be an average of estimated costs for the next twelve (12) month period.
Monthly Housing Cost means the average of the estimated costs for the next twelve months for a homebuyer or owner-occupant and shall include all of the following associated with that housing unit:
Monthly Housing Cost means, for a Lower Income Household purchasing the Property, all of the following associated with the Property, estimated or known as of the date of the proposed sale of the Property: (i) principal and interest payments on a mortgage loan, and any loan insurance fees associated therewith (provided that if the mortgage loan obtained by the purchaser contains an adjustable interest rate, then for the purposes of this Grant Deed Containing Resale Restrictions the principal and interest payments shall be deemed to be
Examples of Monthly Housing Cost in a sentence
The maximum rental amounts are listed in Section 14, Table B, (Maximum Monthly Housing Cost Limits for BMR Rental Units.) BMR rents may be adjusted from time to time to reflect any changes to the then current Income limits.
Table 17: Tenure and Average Monthly Housing Cost, 2009 and 2019 Owned Base: Respondents who own their current unit and reported a monthly mortgage amount.
Column G - Total Monthly Housing Cost: This will be calculated by the Spreadsheet by adding Columns E and F together.
In addition, self- testing Verilog testbenches can be automatically generated to ease pre- and post-layout verification.
Front-end ratio: Means the ratio between gross monthly household income and Monthly Housing Cost, including mortgage principal, interest, taxes, insurance and HOA monthly dues.
More Definitions of Monthly Housing Cost
Monthly Housing Cost means, for an Extremely Low Income Household renting the Property, all of the following associated with the Property, estimated or known as of the date of the proposed rental of the Property and for the duration of the residency of the tenants of an affordable unit: (i) the monthly rental rate;
Monthly Housing Cost shall include all of the following associated with the Affordable Unit, estimated or known as of the date of the proposed sale of the Affordable Unit: (i) principal and interest payments on a mortgage loan not exceeding the prevailing conventional home mortgage lending rates applied by any reputable institutional home mortgage lender, or the lending rates of any government-subsidized or special mortgage program for which a Qualified Purchaser qualifies and has obtained a first trust deed loan for the acquisition of the Affordable Unit; (ii) property taxes and assessments including Community Facilities District (CFD) fees, if applicable; (iii) the cost of fire and casualty insurance covering replacement value of property improvements to the extent not covered by the homeowner’s association ; (iv) Affordable Unit maintenance and repair costs to the extent not covered by the homeowner’s association ; (v) homeowner's association fees; (vi) a reasonable utility allowance. Monthly Housing Cost of a purchaser shall be the monthly average of estimated costs for the next twelve (12) months as determined by the City; and (vii) purchase price down payment, subject to verification by the City Housing Manager.
Monthly Housing Cost shall be determined as follows: the sum of (i) one-twelfth of the annual cost of principal and interest payments on a mortgage loan and loan insurance fees associated with such loans; (ii) twelfth of the annual cost of property taxes and assessments; (iii) twelfth of the annual cost of fire and casualty insurance covering replacement value of property improvements; (iv) one-twelfth of the annual cost of a sinking fund contribution for maintenance and repairs; (v) one-twelfth of the annual cost of an adequate level of service for the following utilities: garbage collection, sewer, water, electricity, gas, and other heating, cooking and refrigeration Monthly Housing Cost shall be an average of the estimated costs the items enumerated in the prior sentence for the twelve months following the purchase.
(d) In the event that below-market interest rate financing is unavailable in amounts sufficient to enable the transfer of the property to a subsequent purchaser household qualified pursuant to this paragraph, at a price not exceeding that determined pursuant to the preceding subsections, the Agency Board by resolution may, in its sole discretion, to alter the income eligibility and resale restrictions as follows: in subsections and (c), the words “fifty percent shall be deleted, and the words “eighty percent (80%)” shall be inserted in their place.
Monthly Housing Cost shall include all of the following associated with the Unit, estimated or known as of the date of the proposed sale of the Unit: (i) principal and interest payments on a mortgage loan not exceeding the prevailing fixed conventional home mortgage lending rates applied by any reputable institutional home mortgage lender, or the lending rates of any government-subsidized or special mortgage program for which a Qualified Purchaser qualifies and has obtained a first trust deed loan for the acquisition of the Unit; (ii) property taxes and assessments including Community Facilities District (CFD) fees, if applicable; (iii) the cost of fire and casualty insurance covering replacement value of property improvements to the extent not covered by the homeowner’s association; (iv) homeowner's association fees; (v) Unit maintenance and repair costs to the extent not covered by the homeowner’s association; (vi) a reasonable utility allowance; and (vii) purchase price down payment, subject to verification by the City Housing Manager. Monthly Housing Cost of a purchaser shall be the monthly average of estimated costs for the next twelve (12) months as determined by City.
Monthly Housing Cost shall include all of the following associated with a Condominium, estimated or known as of the date of the proposed sale of the Condominium: (a) principal and interest payments on a mortgage loan; (b) property taxes and assessments; (c) fire and casualty insurance covering replacement value of property improvements; (d) homeowner association fees; and (e) a reasonable utility allowance. The Monthly Housing Cost of a purchaser shall be an average of estimated costs for the next twelve (12) months.
Monthly Housing Cost shall include all of the following associated with a Condominium, estimated or known as of the date of the proposed sale of the Condominium:
(a) principal and interest payments to be paid on one or more mortgage loans secured by an interest in the CondominiuamCondominium; (b) property taxes and assessments; (c) fire and casualty insurance covering replacement value of property improvements; (d) homeowner association fees; and (e) a reasonable utility allowance. The Monthly Housing Cost of a purchaser shall be an average of estimated costs for the next twelve (12) months.
Monthly Housing Cost shall include all of the following associated with the Property, estimated or known as of the date of the proposed sale of the Property: (i) principal and interest payments on a mortgage loan not exceeding the prevailing conventional home mortgage lending rates applied by any reputable institutional home mortgage lender, or the lending rates of any government-subsidized or special mortgage program for which a Qualified Purchaser qualifies and has obtained a first trust deed loan for the acquisition of the Property; (ii) property taxes and assessments; (iii) fire and casualty insurance covering replacement value of property improvements; and (iv) a reasonable utility allowance. Monthly housing cost of a purchaser shall be an average of estimated costs for the next twelve (12) months.