2009 Affordable Housing Guidelines

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MM AFFORDABLE HOUSING GUIDELINES FOR THE COUNTY OF HAWAII FOR -SALE UNITS GUIDELINES (Effective 07/02/09) 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 6.00%"; (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 (http://www.freddiemac.com/pmms/docs/30yr_pmmsmnth.xls). The rate is rounded to the nearest half percent. FOR -SALE FINISHED LOTS GUIDELINES (Effective 07/02/09) 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 to build a single-family home of 1,100 square feet. "$150 per square foot cost is based on estimates by The County of Hawai' i, Department of Public Works, Building Division. 80% $ 221,200 - $ 165,000 = $ 56,200 100% $ 266,700 - $ 165,000 = $ 101,700 FOR -RENT GUIDELINES (Effective 07/02/09) 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 -Furnished Utilities and Other Services) for utilities for either single- and/or multi -family units.