HomeMy WebLinkAboutMINUTES - 06151993 - 1.68 1-68
Contra
TO: BOARD OF SUPERVISORS
Costa
FROM: Harvey E. Bragdon County
Director of Community Development
DATE: June 15, 1993
SUBJECT: Amend Procedures to Implement Density Bonus Policy for Affordable and Senior Citizen Housing
SPECIFIC REQUEST(S)OR RECOMMENDATIONS(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve amended procedures to Implement Density Bonus Policy for Affordable and Senior Citizen Housing.
FISCAL IMPACT
None
BACKGROUND/REASONS FOR RECOMMENDATIONS
In 1987 the Board of Supervisors adopted Procedures to Implement Density Bonus Policy for Affordable and Senior
Housing. The existing Procedures limit the density bonus available to a developer to 50%. County policies contained
in its Housing Element., Comprehensive Housing Affordability Strategy(CHAS)and Redevelopment Plans call for the
county, to create and enhance the supply of affordable housing to meet its regional obligations and the needs of its
residents. The proposed Amended Procedures will permit the county to consider awarding density bonus! greater than
501/6 when circumstances warrent.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR REC7 MMENDATION OF BOARD CO MITTEE
—APPROVE OTHER
,
SIGNATURE(S):
ACTION OF BOARD
ON JUN 15 1993 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS(ABSENT TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Kathleen Hamm
646-4076
cc: Community Development
Redevelopment Agency ATTESTED JUN 15 1993
County Administrator PHIL BATCHELOR,CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Housing Authority AND COUNTY ADMINISTRATOR
BY DEPUTY
PROCEDURES TO IMPLEMENT DENSITY BONUS POLICY
FOR AFFORDABLE AND SENIOR CITIZEiN HOUSING
I. PURPOSE
In order to implement the Housing Element of the Contra Costa County General Plan
regarding the provision of a balanced housing supply and to implement California
Government Code Sections 65915 and 65913, Contra Costa County shall allow for
higher density residential development in the unincorporated area of the County under
certain specified conditions, as set forth herein.
H. STATE REQUIREMENTS
Section 65915 of the California Government Code requires that local agencies provide
density bonuses or other incentives of equivalent financial value where a housing
developer proposes to provide 25% or more of the total units in a development for Low
to Moderate Income Households or 10% or more of the total units for Lower-Income
households or 50% or more of the total units for Senior Citizen Households. In the
case of density bonuses, an increase of at least 25% over the otherwise maximum
residential density permitted under the existing zoning and General Plan designation
would be provided if the Below Market Rate units were included in the project and
reserved for Lower Income, Low to Moderate Income or Senior Citizen Households.
Section 65913 of the California Government Code requires that local agencies provide
incentives to housing developers that agree to provide 20% or more. of the residential
units in a housing development to Lower-Income households. The incentives may be
in the form of a density bonus or in the reduction of development 'standards, zoning
requirements, architectural design requirements, other financial accommodations or in
the approval of mixed use zoning where the provision of a non-residential use would
reduce the cost of the housing portion of the development.
III. DEFINITIONS
Affordable Rents Low to Moderate.Income/Senior Citizens: A monthly rent which
is no greater than the lesser of market rents payable for any comparable unit in the
project or one hundred percent (100%) of the Section 8 Existing Program Fair Market
Rents, established in accordance with 24CFR Part 882, effective at the time of
occupancy, less the utility allowance then in effect.
Affordable Rents - Lower Income: A monthly rent which does not exceed an amount
determined by calculating 30% of 50% of the Contra Costa Median Income adjusted
as follows: in the case of a studio unit, for a one person household; in the case of a
one-bedroom unit, for a two person household; in the case of a two-bedroom unit, for
a three person household; in the case of a three-bedroom unit, for a four person
household.
Affordable Sales Price - Low and Moderate Income: A price determined pursuant to
Appendix D (or Appendix F for developments being considered pursuant to Section X
herein), taking into account unit size and.Prevailing Interest Rates.
Affordable Sales Price - Lower Income: A price determined pursuant to Appendix C
(or Appendix E for developments being considered pursuant to Section X herein),
taking into account unit size and Prevailing Interest Rates.
Lower Income Households: Households earning 80% or less of the current median
household income for Contra Costa County as defined in Section 50079.5 of the Health
and Safety Code. (See Appendix A).
Low to Moderate Income Households: Households earning between 80% and 120%
of current median household income for Contra Costa County as defined in Section
50093 of the Health and Safety Code. (See Appendix A).
Median Income: The median income for the Oakland Primary-Metropolitan Statistical
Area as most recently determined by the Secretary of Housing and Urban Development
under Section 8(f)(3) of the United States Housing Act of 1937, as amended, or if
programs under said Section 8(f)(3) are. terminated, median income determined under
the method used by the Secretary prior to such termination.
Prevailing Interest Rate: The then current rate for 30 year fixed rate loans insured by
the U.S. Department of Housing and Urban Development pursuant to Section 203(b)
and (i) of the National Housing Act of 1934, otherwise known as FHA 203(b) federal
mortgage insurance.
Senior Citizen Households: A household in which the head of household is 62 years
of age or older, or 55 years of age or older in a senior citizen housing development.
Qualified Project Period means the period beginning on the first day on which ten
percent of the dwelling units of a rental project are occupied and ending on the later of
(i) date which is at least fifteen years after the date on which fifty percent of the
dwellings in the project are occupied; or (ii) the date which is a qualified number of
days after the date on which any of the dwelling units in the project is occupied,
whichever is longer. For purposes of clause (ii), the term "qualified number of days"
means, with respect to any financing involving the issuance of tax exempt bonds, fifty
percent of the total number of days comprising the term of the bonds with the longest
maturity.
Senior Citizen Housing Development: A residential development that is available only
to households in which the head of household is 55 years of age or older which consists
of at least 150 dwelling units.
2.
IV. GENERAL INTENT
It shall be the intent of the County to provide guidelines that will expedite the review
process. All developments shall be,processed through the P-1 (Planned Unit) zoning
to allow maximum flexibility in design and to allow variances to standard zoning
requirements for setbacks, sideyards, parcel sizes etc. Development on less than five
acres will still require a variance. It shall be the intent of the County to provide for the
additional units consistent with maintaining the quality of the living environment for that
development.
It will be the responsibility of the applicant to provide complete information to the
County in a timely manner. County staff shall provide input into development concepts
early in the process and shall inform the applicant of how it will comply in providing
a density bonus or other incentives within 90 days of receiving a written request with
a development proposal. The intent is to provide, through discussions and negotiations
between staff and the applicant, a proposal that is acceptable to the applicant and which
meets county housing and design objectives. Single family and Multifamily residential
developments of over five units are eligible to participate in the program. The program
may be used on sites with a single-family or a multiple-family residential General Plan
designation. Sites with other General Plan designations will be considered on an in-
dividual basis.
V. PROCESS
In order to accomplish the foregoing the developer shall submit a preliminary,
conceptual development proposal to the Community Development Department. The
proposal shall indicate the existing zoning and General Plan designations; gross acreage
of the site; area required for streets, drainage channels, and any non-residential uses;
the net acreage of the site (area remaining and available for residential development);
the range of units allowed by the General Plan; the number of units requested with a
density bonus; whether the developer proposes to provide 25% of the units to Low and
Moderate Income Households, or 10% of the units to Lower Income Households, or
50% of the units to Senior Citizen Households; the expected sales price or rent of all
units including those below market rate units and an estimated cost of development
under the base case and bonus conditions. The affordable units shall be placed
throughout the development and representative in size, quality and location of the entire
project. The applicant shall provide information on any site constraints that might
reduce the ability of the site to accommodate the maximum allowable units (i.e.
topography, soil stability, shape of parcel, etc.) and describe the surrounding
development.
Calculations for determining density will be based on the range allowed by the existing
General Plan designation. Staff will generally calculate from the high end of the range
in order to maximize the provision of affordable housing.
3.
The County staff shall review the preliminary plan for acceptability of the general
design concept, access and urban services availability and consistency with General Plan
Policy. The County shall also determine which type of affordable housing best meets
the needs of the area in which the project is 'located.
Current Planning, Community Development and Housing division staff and Public
Works staff will then meet with the applicant to determine the amount of any density
bonus to be allowed which exceeds the 25% specified by State law (see VII
"Supplemental Bonus Allowance), the type of Below Market Rate units to be provided,
and necessary project revisions. Fee waivers, waivers of some development standards
(i.e. setbacks, parking, etc.) or other financial accommodations could be provided in
lieu of a portion of the density bonus where that option is more appropriate due to site
or other constraints.
The meeting will serve the following purposes:
A. review any site constraints and/or design issues;
B. determine what revisions will be necessary in the proposed development plan to
obtain a suitable design for the site that is compatible with existing development,
takes into account site constraints, provides a desirable living environment, and
is expected to result in a recommendation by staff for approval assuming no new
information on constraints.
C. determine the amount of the density bonus and/or fee waiver or other financial
incentives.
D. determine the amount and type of housing affordable to Lower Income or Low
and Moderate Income to be provided that is acceptable to the County.
The applicant would then submit a Development Plan and application for rezoning the
site to P-l. The process can be expedited at this stage if the application includes a
Final Development Plan based on the requirements of the Community Development
Department and the Public Works Department. The project planner shall be responsible
for keeping the applicant informed of any'additional requirements that may be placed
on the project by other agencies during the review process.
It will be the intent of County staff to submit a development plan and staff report to the
Planning Commission and the Board of Supervisors with . a recommendation for
approval with conditions. One of the conditions will be either (a) or (b) below:
(a) that the developer of a Multi-family project shall execute a Regulatory
Agreement and Declaration of Restrictive Covenants with the County at
least 90 days prior to the issuance of Building permits, or
(b) that the developer of a single family project shall execute a Developers
Sales Agreement at least 90 days prior to filing of a Final Map.
4.
Prior to filing a Final Map the developer shall submit a plan for the review and
approval of the Director of Community Development for the purpose of determining
which units shall be available as housing affordable to Lower Income or Low and
Moderate Income Households. The approved plan shall be incorporated into the
Developer Sales Agreement.
VI. DENSITY INCREASES/AFFORDABILITY LEVELS
A summary of density increases and required affordability levels, as described below,
are summarized in Table 1.
A. For-Sale Projects
Any ownership project that includes below-market rate units in the following
ratios would receive a 25% density increase if the project is approved.
1. Lower-Income units: Ownership units in the amount of 10% of the units
allowed by the General Plan affordable to, and occupied by, Lower-
Income Households for a minimum period of 30 years or 15 years if
occupied continuously by the same Lower Income Household.
Affordable sales price shall not exceed the maximum allowable sales price
for the appropriately sized home as determined by the table in Appendix
C for lower income households based on family size.
2. Low to Moderate-Income units: Ownership units in the amount of 25
of the units allowed by the General Plan affordable to, and occupied by,
Low to Moderate-Income Households for the lesser of: a) 30 years; or b)
15 years if occupied continuously by one Low and Moderate Income
Household.
Affordable sales price shall not exceed the maximum allowable sales price
for the appropriately sized home as determined by the table in Appendix
D for Low to Moderate Income Households based on family size.
3. Senior housing: Ownership units in which at least 50% of the units
allowed by the General Plan will be sold to and occupied by low and
moderate income households in which the head of household is 62 years
of age or older, or 55 years or older in a Senior Citizen Housing
Development. The units shall be reserved for seniors for a minimum
period of 30 years.
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B. Rental Project
Any rental project that includes below market rate units in the following ratios
would receive a minimum 25% density increase if the project is approved.
Developer must agree to maintain 100% of the units as renter occupied for the
Qualified Project Period.
1. Lower Income units: Rental units in which 10% of the dwelling units
allowed by the General Plan are units affordable to, and occupied by,
Lower Income Households for a period of at least 15 years.
Applicant shall agree to enter into a contract which guarantees a monthly
rental rate on the Below Market Rate units which does not exceed an
amount determined by calculating 30% of 50% of the Contra Costa
Median Income adjusted as follows: in the case of a studio unit, for a one
person household; in the case of a one-bedroom unit, for a two person
household; in the case of a two-bedroom unit, for a three person
household; in the case of a three-bedroom unit, for a four person
household, etc.
2. Low to Moderate Income units: Rental units in which 25% of the base
density are units affordable to, and occupied by, Low to Moderate Income
Households for a minimum period of at least 15 years.
Applicant shall enter into a contract which guarantees the monthly rental
rates on the Below Market Rate units such that they do not exceed the
lesser of 1) rents on the market rate units; or 2) Section 8 Fair Market
Rents, less the utility allowance then in effect for the appropriately sized
unit.
3. Senior Citizen Units: Rental developments in which 50% or more of the
base number of units are available only to households in which the head
of the household is 62 years of age or older, or 55 years of age or older
in a Senior Citizen Housing Development. The units shall be occupied by
Senior Citizens Households for a minimum period of 30 years.
VII. SUPPLEMENTAL BONUS ALLOWANCE
In order to encourage the production of rental units a supplemental bonus over the 25%
described above can be obtained by the provision of additional below market rate units.
Supplemental bonus units over the 25% would be allowed at the following rates.
7.
A. Three bonus units may be granted for each additional unit with a guaranteed
monthly rent not exceeding an amount determined by calculating 30% of 50% of
the median monthly household income for the appropriately sized family for that
unit. The rental guarantee shall be for at least 15 years. In the case of
supplemental bonuses granted because units will be for senior citizens, the
affordable units shall be selected from among the units assigned to senior citizens.
B. One bonus unit may be granted for each additional unit with a guaranteed monthly
rent not exceeding the lesser of 1) rents on the market rate units; or 2) the Section
8 Fair Market Rent, less the utility allowance then in effect. The rental guarantee
shall be for at least 15 years.
C. Guarantee the monthly rental rates of some units at a lower rent level and/or for
a longer or shorter period than specified above, with the exact number of units,
rent levels and time periods negotiated on a project-by-project basis, such that the
total package of discounts is comparable to the above approach.
VIII.CALCULATING DENSITY INCREASE
The amount of the density bonus will be based upon the maximum number of units
allowed under the General Plan less the area needed for street networks, drainage
channels and other non-residential uses (for initial calculations this amount can be
assumed to be approximately 25% for single family developments and 20% for multiple
family developments). Consideration will be given to a lesser or greater amount for
such needs if it can be shown that the actual need varies significantly from the above
ratios.
Ownership and Rental Developments
Applicant shall determine base density using the General Plan maximum multiplied by
75% of the site acreage for a single family development, or by 80% for multi-family
developments. If sites are reserved for below market rate units in the ratios indicated
earlier, the applicant may increase the total number of units by 25% (or more if
supplemental units are included).
Example:
Assume a 40 acre parcel with a General Plan designation of Single Family
Medium Density. General Plan Single Family Medium Density allows 3-5
dwelling units per acre. Developer proposes a for-sale project.
8.
40 acres
10 acres (25% of site for streets, etc.)
= 30 acres net developable area
30 acres with 3 to 5 dwelling units per acre result in a General Plan allowance
of from 90 to 150 dwelling units.
If applicant agrees to provide one of the following, a density bonus will be
granted:
% reserved for # reserved for Below Household
Below Rate Units Market Rate Units Income
(for this example)
10% 15 units Lower Income
25% 38 units Low to Moderate Income
50% 75 units Senior Citizens (62+)
50% 75 units Senior Citizen over 55
years of age if project
is a Senior Citizen Development
Applicant is allowed a bonus of 25% or 38 dwelling units in this example for a
total development of 188 dwelling units.
IX. AFFORDABILITY CONTROLS
Control of the continued affordability of housing units shall be maintained through
recorded deed restrictions on for-sale units and/or recorded regulatory agreements on
rental projects which will be utilized to establish resale procedures and to preserve
rental housing stock for a specified period of time at affordable prices and rents.
A contract executed between the developer/Owner and the county in the final stage of
the development review process would establish purchase price and rent limits, as well
as resale controls, which would be translated into deed restrictions. These would
include requirements that:
- Lower-Income ownership units be occupied by Lower-Income households for a
minimum of 30 years or 15 years if occupied continuously by one lower-income
household.
- Lower-Income rental units be occupied by Lower-Income households for a
minimum of 15 years at affordable rents.
- Low to Moderate-Income ownership units be occupied by Low to Moderate
Income households for a minimum of 30 years or 15 years if occupied
continuously by one Low to Moderate-Income household.
9.
Low to Moderate-Income rental units be occupied by Low to Moderate Income
households for a minimum period of 15 years at affordable rents.
Senior Citizen housing ownership units be occupied by Senior Citizen Households
for a minimum of 30 years
Senior Citizen housing rental units be occupied by Senior Citizen Households for
a minimum of 30 years at affordable rents. If at the end of.the 30 years the
property owner desires to convert to a non-senior use, a plan must be developed
with the County to prevent the eviction of any senior tenants.
X. HIGH COST AREAS/HIGH COST PROJECTS
Should the foregoing requirements result in a financial return of less than a developer
could obtain without a density bonus the developer may petition for and the County may
consider modification of the price/rent requirements of Section VI to any level up to
but not in excess of the following:
For Sale Projects Rental Projects
Lower Income Units Appendix E Rent determined by
calculating 30% of . 70% of the
Contra Costa County median
income, adjusted as per Section
VI(B)(1).
Low & Moderate Income Units Appendix F Rent determined by calculating
30% of 100% of the Contra Costa
County median income, adjusted as
per Section VI(B)(2).
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APPENDIX B
GENERAL PLAN DESIGNATIONS WITH ALLOWABLE DENSITIES
Dwelling Units
Per Net Acre
Single Family Residential - Very Low Density 0-1
- Low Density 1-3
- Medium Density 3-5
- High Density 5-7
Multiple Family Residential - Very Low Density 4-7
- Low Density 7-12
- Medium Density 12-21
High Density 22-29
The allowable density may vary for some Specific Plan areas
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APPENDIX C
MAXIMUM PRICE OF A HOME
AFFORDABLE FOR A LOWER INCOME HOUSEHOLD
HOUSING AS 258 OF INCOME
May-93
7WER INCOME $27,800 $31,750 $35,750 $39,700 $42,900 $46,050 $49,250 $52,400
mmy SIZE 1 2 3 4 5 6 7 8
NTffitEST RATE 6% $79,100 $91,900 $104,800 $117,600 $128,000 $138,200 $148,500 $158,700
78 $72,400 $84,100 $96,000 $107,700 $117,200 $126,500 $136,000 $145,300
88 $66,600 $77,400 $88,300 $99,000 $107,700 $116,300 $125,000 $133,600
.98 . $61,500 $71,400 $81,500 $91,400 $99,400 $107,400 $115,400 $123,300
108 $57,000 $66,200 $75,500 $84,700 $92,100 $99,500 $106,900 $114,300
118 $53,000 $61,500 $70,200 $78,800 $85,700 $92,500 $99,500 $106,300
128 $49,400 $57,400 $65,500 $73,500 $80,000 $86,400 $92,800 $99,200
138 $46,300 $53,800 $61,400 $68,800 $74,900 $80,900 $86,900 $92,900
148 $43,500 $50,500 $57,600 $64,700 $70,400 $76,000 $81,700 $87,300
158 $41,000 $47,600 $54,300 $60,900 $66,300 $71,600 $77,000 $82,200
168 $38,700 $45,000 $51,300 $57,600 $62,700 $67,700 $72,700 $77,700
ASSUMPTIONS
1. LOWER INCOME BASED ON U. S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT
PUBLISHED ESTIMATES OF MEDIAN INCOME, OAKLAND PMSA (ALAMEDA & CONTRA COSTA
COUNTY) .
2. DOWN PAYMENT OF 108
3. MONTHLY HOUSING EXPENSE COST OF 258 OF MONTHLY INCOME.
4. TAXES ARE CALCULATED AT 1.25% OF THE MARKET PRICE OF THE HOME. HOMEOWNERS
ASSOCIATION DUES ARE ESTIMATED AT $70 MONTHLY.
5. MORTGAGE INSTRUMENT IS A 30 YEAR FIXED RATE MORTGAGE.
6. APPROPRIATELY SIZED UNITS ARE AS FOLLOWS:
# PERSONS 1 2 3 4 5 OR MORE
UNIT SIZE STUDIO 1 BEDRM 2 BEDRM 3 BEDRM • 4 BEDRM
c:\data\qp\denbc\93db251w.wkl
APPENDIX D
MAXIMUM PRICE OF A HOME
AFFORDABLE FOR A LOW TO MODERATE INCOME HOUSEHOLD
HOUSING AS 25% OF INCOME
May-93
MODERATE INCOME $44,050 $50,300 $56,600 $62,900 $67,950 $72,950 $78,000 $83,050
FAMILY SIZE 1 2 3 4 5 6 7 8
INTEREST RATE 6% $131,700 $151,900 $172,300 $192,700 $209,000 $225,200 $241,500 $257,900
7% $120,600 $139,100 $157,800. $176,500 $191,400 $206,200 $221,200 $236,200
8% $110,900 $127,900 $145,100 $162,200 $176,000 $189,600 $203,400 $217,100
9% $102,300 $118,100 $133,900 $149,700 $162,500 $175,000 $187,700 $200,400
10% $94,800 $109,400 $124,100 $138,800 $150,500 $162,200 $173,900 $185,700
11% $88,200 $101,700 $115,400 $129,000 $140,000 $150,800 $161,800 $172,700
12% $82,300 $95,000 $107,700 $120,400 $130,700 $140,800 $151,000 $161,200
13% $77,100 $88,900 $100,900 $112,800 $122,400 $131,800 $141,400 $151,000
14% $72,400 $83,500 $94,800 $106,000 $115,000 $123,900 $132,800 $141,800
15% $68,200 $78,700 $89,300 $99,900 $108,300 $116,700 $125,200 $133,700
16% $64,500 $74,400 $84,400 $94,400 $102,400 $110,300 $118,300 $126,300
ASSUMPTIONS
1. MODERATE INCOME BASED ON U. S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT
PUBLISHED ESTIMATES OF MEDIAN INCOME, OAXLAND PMSA (Ar. MEDA & CONTRA COST
COUNTY) .
2. DOWN PAYMENT OF 108
3. MONTHLY 'SOUSING EXPENSE COST OF 25% OF MONTHLY INCOME.
4. TAMES ARE CALCULATED AT 1.25$ OF THE MARKET PRIME OF THE SOME. HOMEOWNERS
ASSOCIATION DUES ARE ESTIMATED AT $70 MONTHLY.
S. MORTGAGE INSTRUMENT IS A 30 YEAR FIXED RATE MORTGAGE.
6. APPROPRIATELY SIZED UNITS ARE AS FOLLOWS:
# PERSONS 1 2 3 4 5 OR MORE
UNIT SIZE STUDIO 1.13EDRM 2 BEDRM 3 BEDRM 4 BEDRM
c:\data\cp\denbo\93db25mo.wkl
APPENDIX E
MAXIMUM PRICE OF A HOME
AFFORDABLE FOR A LOWER INCOME HOUSEHOLD
HOUSING AS 33% OF INCOME
May-93
r4ER INCOME $27,800 $31,750 $35,750 $39,700 $42,900 $46,050 $49,250 $52,400
IMILY SIZE 1 2 3 4 5 6 7 S
ITEREST RATE 6% $107,900 $124,800 $141,800 $158,700 $172,400 $185,800 $199,500 $213,000
7% $98,.800 $114,300 $129,900 $145,400 $157,900 $170,200 $182,700 $195,000
8% $90,800 $105,000 $119,400 $133,600 $145,100 $156,500 $168,000 $179,300
9% $83,800 $97,000 $110,200 $123,400 $134,000 $144,400 $155,100 $165,500
10% $77,700 $89,800 $102,100 $114,300 $124,100 $133,800 $143,700 $153,400
11% $72,200 $83,500 $95,000 $106,300 $115,400 $124,500 $133,600 $142,600
12% $67,400 $78,000 $88,700 $99,200 $107,800 $116,200 $124,700 $133,100
13% $63,200 $73,000 $83,000 $92,900 $100,900 $108,800 $116,800 $124,700
14% $59,300 $68,600 $78,000 $87,300 $94,800 $102,200 $109,700 $117,100
15% $55,900 $64,700 $73,500 $82,300 $89,300 $96,300 $103,400 $110,400
16% $52,800 $61,100 $69,500 $77,700 $84,400 $91,000 $97,700 $104,300
ASSUMPTIONS
1. LOWER INCOME BASED ON U. S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT
PUBLISHED ESTIMATES OF MEDIAN INCOME, OAXLAND PMSA (ALAMEDA & CONTRA COSTA
COUNTY) .
2. DOWN PAYMENT OF 10%
3. MONTHLY HOUSING EXPENSE COST OF 33% OF MONTHLY INCOME.
4. TAXES ARE CALCULATED AT 1.25$ OF TSE MARFO::T PRICY OF THE HOME. HOMEOWNERS
ASSOCIATION DUES ARE ESTIMATED AT $70 MONTHLY.
S. MORTGAGE INSTRUMENT IS A 30 YEAR FIXED RATE MORTGAGE.
6. APPROPRIATELY SIZED UNITS ARE AS FOLLOWS:
# PERSONS 1 2 3 4 5 OR MORE
UNIT SIZE STUDIO 1 BEDRM 2 BEDRM 3 BEDRM 4 BEDRM
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APPENDIX F
MAXIMUM PRICE OF A HOME
AFFORDABLE FOR A LOW TO MODERATE INCOOME HOUSEHOLD
HOUSING AS 33% OF INCOME
May-93
DEBATE INCOME $44,050 $50,300 $56,600 $62,900 $67,950 $72,950 $78,000 $83,050
MILY SIZE 1 2 3 4 5 6 7 8
TEREST RATE 6% $177,300 $204,000 $230,900 $257,800 $279,400 $300,800 $322,300 $343,900
7% $162,400 $186,800 $211,500 $236,100 $255,900 $275,400 $295;200 $314,900
8% $149,300 $171,800 $194,400 $217,100 $235,300 $253,200 $271,400 $289,600
98 $137,800 $158400 -$179,500 $200,400 $217,100 $233,700 $250,500 $267,300
10% $127,700 $146,900 $166,300 $185,700 $201,200 $216,600 $232,100 $247,600
11`k $118,700 $136,600 $154,600 $172,700 $187,100 $201,400 $215,900 $230,300
12% $110,800 $127,500 $144,300 $161,200 $174,600 $188,000 $201,500 $215400
13% $103,800 $119,400 $135,200 $150,900 $163,500 $176,100 $188,700 $201,300
14 $97,500 $112,200 $127,000 $141,800 $153,700 $165,400 $177,300 $189,100
15% $91,900 $105,700 $119,700 $133,600 $144,800 $155,900 $167,000 $178,200
16% $86,800 $99,900 $113,100 $126,300 $136,800 $147,300 $157,900 $168,400
ASSUMPTIONS
1. MODERATE INCOME BASED ON U. S. DEPARTMENT OF HOUSING a URBAN DEVELOPMENT
PUBLISHED ESTIMATES OF MEDIAN INCOME, OAKLAND PMSA (ALAM=A a CONTRA COSTA
COUNTY) .
2. DOWN PAYMENT OF 109
3. MONTHLY HOUSING EXPENSE COST OF 333 OF MONTHLY INCOME.
4. TAXES ARE CALCULATED AT 1.25$ OF TME MARKET PRICE. OF THE HOME. 80MEOWNER.'3
ASSOCIATION DUES ARE ESTIMATED AT $70 MONTHLY.
5. MORTGAGE INSTRUMENT LS A 30 YEAR FIXED RATE MORTGAGE.
6. APPROPRIATELY SIZED UNITS ARE AS FOLLOWS:
# PERSONS 1 2 3 4 5 OR MORE
UNIT SIZE STUDIO 1 BEDRM 2 BEDRM 3 BEDRM 4 BEDRM
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