2008 Affordable Housing Guidelines

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U9;101NIY1:3IIIIA:[91111-11ki[rZr1l]III N1IIkiIE 791:4119:INK419111 kiIIIVK970:FiETI1WI FOR -SALE UNITS GUIDELINES (Effective 07117108) This information is based on 2008 median income established by the U.S. Department of Housing and Urban Development (HUD) for various family sizes. Adjustments to the very low- (50%) and low-income (80%) limits are made by HUD for areas with unusually high or low family income or housing costs. Most income limits are proportionately based on very low-income limits. Thus, the four -person (60%) income limit is 120% (60/50ths) of the four -person very low-income limit. The figures considers (1) a 30 -year conventional fixed mortgage; (2) a fixed interest rate of 6.50%*; (3) housing expenses equal to 28% of gross annual income; and (4) a down payment equal to 5% of the sales price. *The interest rate used is the annual average interest rate for a 30 -year conventional fixed mortgage, for the twelve months ending in the previous year, as published by the Federal Home Loan Mortgage Corp (www.freddiemac.com/news/factbook). The rate is rounded up to the nearest half percent. FOR -SALE FINISHED LOTS GUIDELINES (Effective 07101108) This information is based on the affordable sales price for a completed unit for a household earning one hundred percent of the median income in the County of Hawai'I, less the cost of $150 per square foot to build a single-family home of 1,100 square feet. The square foot cost used is based on estimates provided by the County of Hawaii, Department of Public Works, Building Division. 80% $ 203,600 $ 165,000 = $ 38,600 100% $ 246,400 $ 165,000 = $ 81,400 FOR -RENT GUIDELINES (Effective 07/01/08) Affordable rents are based on 30% of gross monthly income, including utilities (water, sanitary sewage service, electricity and/or gas). Please refer to form HUD -52667 (Allowances for Tenant-Fumished Utilities and Other Services) for utilities for either single- and/or multi -family units. 30% $ 343 • $ 368 $ 442 $ 510 $ 570 50% $ 573 $ 614 $ 737 $ 851 $ 950 60% $ 688 $ 737 $ 885 $ 1,021 $ 1,140 •/y UP Median 80% $ 917 $ 982 $ 1,178 $ 1,362 $ 1,520 Inco Me "..'.100% $ 1,109 $ 1,188 $ 1,426 $ 1,648 $ 1,838 120% 1 $ 1,331 1 $ 1,426 1 $ 1,711 $ 1,978 $ 2,206 140% 1 $ 1,553 1 $ 1,664 1 $ 1,997 1 $ 2,307 1 $ 2,574 1600pasr