HomeMy WebLinkAbout2011 Affordable Housing GuidelinesU9;101N37e1:3IIIIA:[9111-11ki[rZr1l]III N1IIkiIE 791:4119:INK419111111 kiIIIWK970:FiETI1WI
FOR -SALE UNITS GUIDELINES (Effective 0810112011)
This information is based on 2010 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 4.5%*, (3) housing expenses equal to 28% of gross annual income, (4) property tax rate of
$5.55 per every $1,000 of assessed value at the current "homeowner" tax rate as published by the Real Property Tax Division, (5) property insurance ata rate of $300 per every
$100,000 of coverage as published by the Homeowners Insurance Institute for the State of Hawaii; (6) 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 rounded to the nearest half percent, as published by the
Federal Home Loan Mortgage Corp (http://www.freddiemac.com/pmms/docs/30yr_pmmsmnth.xls).
FOR -SALE FINISHED LOTS GUIDELINES (Effective 0810112011)
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 Hawaii, Department of Public Works, Building
Division.
80% $ 233,800 $ 165,000 = $ 68,800
100% $ 277,400 $ 165,000 = $ 112,400
FOR -RENT GUIDELINES (Effective 08/01/2011)
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%
$
380
•
$ 407
$ 489
$ 564
$ 630
50%
$
633
$ 679
$ 815
$ 941
$ 1,050
':'..60%
$
760
$ 815
$ 978
$ 1,129
$ 1,260
�%¢ 4f MOdiaiM 80%
htcome 100%
$
$
1,014
1,202
$ 1,087
$ 1,288
$ 1,304
$ 1,545
$ 1,506
$ 1,786
$ 1,680
$ 1 ,992
1,442
$ 1,545
$ 1,855
$ 2,143
$ 2,390
140%
$
1,683
$ 1,803
$ 2,164
$ 2,500
$ 2,789
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