HomeMy WebLinkAbout2014 Affordable Housing GuidelinesU9;107:737_ --ANN:[oil MIki[rZr1l] III N141kiIEM191:19:1*KellLkWK910:FAY/ NI
FOR -SALE UNITS GUIDELINES (Effective 1010112014)
This information is based on 2014 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 4.625%*, (3) housing expenses equal to 28% of gross annual income, (4) property tax rate of
$6.15 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 $669.5 per every $250,000
of coverage as published by the The Hawaii Insurance Division of the Department of Commerce and Consumer Affairs, (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 1010112014)
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 Hawail, 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% $ 241,080 $ 165,000 = $ 76,080 1
100% $ 301,340 - $ 165,000 = $ 136,340 1/2
FOR -RENT GUIDELINES (Effective 1010112014)
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.
30%
$
348
•
$ 373
$ 448
1.5 CREDITS
$ 577
2
50%
$
581
$ 623
$ 474
$ 863
$ 963
2
60%
$
691
$ 747
$ 897
Sales Price: Studio:
$105,520.00
$126,620.00
$147,720.00
$168,830.00
$189,930.00
$211,030.00
$232,140.00
$253,240.00
$274,340.00
$295,450.00
100%
$
1,162
$ 1,246
$ 1,495
$ 1,727
5
1
120%
Sales Price: 1 Bedroom:
$120,720.00
$144,860.00
$169,010.00
$193,150.00
$217,300.00
$241,440.00
$265,580.00
$289,730.00
$313,870.00
$338,010.00
$ 1,744
$ 2,093
$ 2,418
$ 2,698
1/2
Sales Price: 2 Bedroom:
$123,870.00
$148,640.00
$173,420.00
$198,190.00
$244,250.00
$271,390.00
$298,530.00
$325,670.00
$352,810.00
$379,950.00
Sales Price: 3 Bedroom:
$150,670.00
$180,810.00
$210,940.00
$241,080.00
$271,210.00
$301,340.00
$331,480.00
$361,610.00
$391,750.00
$421,880.00
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Sales Price: 4 Bedroom:
$162,930.00
$195,510.00
$228,100.00
$260,680.00
$293,270.00
$325,850.00
$358,440.00
$391,020.00
$423,610.00
$456,190.00
Sales Price: 5 Bedroom:
$174,950.00
$209,940.00
$244,930.00
$279,920.00
$314,910.00
$349,910.00
$384,900.00
$419,890.00
$454,880.00
$489,870.00
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FOR -SALE FINISHED LOTS GUIDELINES (Effective 1010112014)
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 Hawail, 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% $ 241,080 $ 165,000 = $ 76,080 1
100% $ 301,340 - $ 165,000 = $ 136,340 1/2
FOR -RENT GUIDELINES (Effective 1010112014)
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.
30%
$
348
•
$ 373
$ 448
$ 517
$ 577
2
50%
$
581
$ 623
$ 474
$ 863
$ 963
2
60%
$
691
$ 747
$ 897
$ 1,036
$ 1,156
1 1/2
°f• ofMedlan'Income80%
$
930
$ 997
$ 1,196
$ 1,382
$ 1,540
11/2
100%
$
1,162
$ 1,246
$ 1,495
$ 1,727
$ 1,927
1
120%
$
1,394
$ 1,495
$ 1,794
$ 2,072
$ 2,312
1/2
140%
$
1,627
$ 1,744
$ 2,093
$ 2,418
$ 2,698
1/2
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