2016 Affordable Housing Guidelines

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. . ............... ,, FOR -SALE UNITS GUIDELINES tEffectivo oam512016) 'Ns information is based on 2016 median intome estabbshed by the U S. Department of HouSlng and Urban IDevetoprnmerrt (HUD) for various family sizes. Adjustments to the very loWL (50%) and kW, income (80'%� livnits are made by HUD for areas with unusually high V low fancily income or housing costs, Most m come firnits are pro pod onately based on very low4ricom a brrifts , Thus, the four - person (60%) income Rmit is 1201/,v (601,50ths) of the four -person very low-income linill The fig urusWSdL-rS (1) a 30 -year Con ViOnii on aNfwed mcog age, (2) a fixed interest rate of 4,00%', (3) a down payment equal to 5%oltkhe sales price; 'The interest: rate used is the annual average riterest rate for a 30-year conventional fixed mortgage, for the tweive months ending in the previous year rounded to the nearest quarter pefrent, as pubiished by the Federal Home Loan, Modgage Corp (hHp:Ywwwfreddiernar c�onnipmmsldorst3Oyr_pmiinsmnth.xls) FOR -SALE FINISHED LOTS GUIDELINES (Effective oamwoiti) This mformabon, is based on the aftrdable sales pace fora completed Unit for a household, earning one tiundred percent d the median lixncomrue in the County of Havvai'l, less the cost to budd a single-family home of 1,100 square feel *$150 per square foot cost is based on estimates by The County of Hawm'j, Department of Public Works, Suildmg Divtsion Fib R-RENT GUIDELINES (Etioctive,0810512016) Affordable rents are based on 30% of gross monthly income, iniciuding uttlities (", er, sanitary sewage ser0ce, electricity andlor gas). Please refer to form FlUD-52667 fAllowances for renanl-Fur*shed Utilities and Other Services) for utilities for Ober single- aridior moults -far 0y units.