2012 Affordable Housing Guidelines

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AFFORDABLE HOUSING GUIDELINES FOR THE COUNTY OF HAWAII FOR -SALE UNITS GUIDELINES (Effective 12105/2012) This information is based on 2011 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 at $5.55 per 1,000; (5) homeowners insurance rate of $300 per $100,000 of coverage; (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, as published by the Federal Home Loan Mortgage Corp (hftp:/Avww.freddiemac.com/pmms/docs/30yr_pmmsmnth.xls). The rate is rounded to the nearest half percent. FAMILY SIZE: 1 $ r r rSEEM r, r, rr, r, r, r, IIIIIIIIIIIIIEWO Income $ -! 25,700 $ 30,840 $ - 35,9801 $ - 41,120 $ - 44,920 i$ - 48,720 $ - 53,550 $ - 58,460 $ - 63,340 $ i 68,2141 Sales price $ 103,800 $ 124,50 $ 145,30 $ 166,000 $ 181,400 $ 196,700 $ ?16,4nn $ 936,000 $ 255,700 $ 275,,'00 FAMILY SIZE: 2 1,705 1 $ 1,827 1 $ 2,192 1 $ 2,533 1 $ 2,826 Income $-', 29,404 $ 35,280 $ - 41,1401 $ - 47;040 $ - 51,360 i$ - 55,680 $ - 61,250 $ - 66,824 $ - 72,380 $ i 77,9501 Sales price $ "S,700 $ 140,400 $ 166?00 $ 189,900 $ 207,40() $ 224,800 $ ?a7,300 $ 269,800 $ 202,200 $ 314,700 FAMILY SIZE: 3 Income $ -! 33,050 $ 39,660 $ 46,270 ; $ . 52£880 $ 57,760 i$ . 62,640 $ - 68,900 $ - 75,170 $ - 81,430 $ i 87,7001 Sales rice p $ 3?,4n $ F0 1 nn , _ , _ $ 86 gnn ? Snn $ _,__ 0z? ?nn $ 007,0 $ �n� Qnn X78 inn $ 078,0_ $ 3n?,500 $ 328,800 $ 354,100 FAMILY SIZE: 4 Income $ -! 367204 $ 44,040 $ , 51,3801 $ - 58;720 $ , 64,160 i$ . 69,600 $ , 76,560 $ - 83,524 $ , 90,480 $ , 97,4401 Sales price $ 1,482,500 $ 177,800 $ 007n00 $ 237,100 $ 259,000 $ 2331,000 $ 309,100 $ 337,200 $ 365,?00 $ 393,A00 FAMILY SIZE: 5 Income $-', 39,650 $ 47,580 $ - 55,510 $ . 63;440 $ - i 69,310 $ 75,170 $ . 90,240 $ - 97,720 $ i 145,240 Sales price $ 160,100 $ 192,ln0 $ 224,100 $ 256,1no $ 279,800 $ 303,500 $ 333,800 $ 364,200 $ 39,',500 $ a2a,900 FAMILY SIZE: 6 Income Sales price $:; $ 42,600 172,000 $ 53,120 $ 206,400 $,, 59,640; $ 240,800 $; 68,160 $ 275,200 1 $; 74,4501$,, $ 300,600 1 80,740 $ 326,000 $ 88,810 i $ 358,600 $ 391,100 $: 104,960 $ 423,800 $ 456,300 FOR -SALE FINISHED LOTS GUIDELINES (Effective 12/05/2012) 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, Office of Housing & Community Development, Development Division. % of Median Income Affordable Home Price CostlUnit Affordable Lot Price 0% $ 237,100 165,000 $ 72,100 FOR -RENT GUIDELINES (Effective 12/05/2012) 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% $ io 385 s $ 413 $ 495 $ 572 $ 639 50% $ 642 $ 688 $ 826 $ 954 $ 1,065 60% %of Median 80% $ $ 771 1,028 $ 826 $ 1,102 $ 991 $ 1,322 $ 1,145 $ 1,527 $ 1,278 $ 1,704 Income 100% $ 1,218 $ 1,305 $ 1,566 $ 1,809 $ 2,018 120% $ 1,462 $ 1,566 $ 1,879 $ 2,171 $ 2,422 140% 1 $ 1,705 1 $ 1,827 1 $ 2,192 1 $ 2,533 1 $ 2,826