General Plan - Moreno Valley

CHAPTER 8 – HOUSINGMORENO VALLEY GENERAL PLANTABLE 8-7Homeowner Subsidy RequirementsSingle Family 3 Bedroom/2 Bath Unit50% ofMedian80% ofMedian100% ofMedian120 % ofMedianIncome Level (1) $ 23,700 $ 37,900 $ 47,400 $ 56,880Affordable Housing Cost (2) $ 643 $ 1,028 $ 1,286 $ 1,543Less: Monthly Utility (3) $ 108 $ 108 $ 108 $ 108Less: Maintenance Costs (4) $ 181 $ 181 $ 181 $ 181Less: Property Taxes (5) $ 149 $ 149 $ 149 $ 149Less: Property Insurance $ 25 $ 25 $ 25 $ 25Affordable Mortgage Payment $ 180 $ 565 $ 823 $ 1,080Affordable Mortgage (6) $ 27,055 $ 84,924 $123,703 $ 162,332Buyer Purchase Cost $ 9,223 $ 9,223 $ 9,223 $ 12,061Required Capital Subsidy (7) $105,612 $ 47,743 $ 8,964 $ (-29,634)Sales Price $141,890 $141,890 $141,890 $141,890TABLE 8-8Homeowner Subsidy RequirementsTownhouse 2 Bedroom/1 Bath Unit50% of 80% ofMedian Median100% ofMedian120% ofMedianIncome Level (1) $ 23,700 $ 37,900 $ 47,400 $ 56,880Affordable Housing Cost (2) $ 563 $ 900 $ 1,126 $ 1,351Less Monthly Utility (3) $ 92 $ 92 $ 92 $ 92Less Maintenance Costs (4) $ 181 $ 181 $ 181 $ 181Less Property Taxes (5) $ 118 $ 118 $ 118 $ 118Less Property Insurance $ 25 $ 25 $ 25 $ 25Affordable Mortgage Payment $ 147 $ 484 $ 710 $ 935Affordable Mortgage (6) $ 22,095 $ 72,749 $106,718 $ 40,538Buyer Purchase Cost $ 7,124 $ 7,124 $ 7,124 $ 9,316Required Capital Subsidy (7) $ 80,381 $ 29,727 $ (-4,242) $(-38,062)Sales Price $109,600 $109,600 $109,600 $ 109,600(1) Median income for a family of four for the year 2000.(2) Affordable monthly housing cost for a family of four based on 30% of median income.(3) Based on latest HUD published utility allowance, cost for all utilities.(4) Includes homeowner association dues, Mello Roos(a tax for school facilities) and maintenanceexpenses.(5) Based on 1.25% average tax rate, including .25% for additional assessments.(6) Based on 7% fixed rate, 30 year amortized mortgage.(7) Includes 3% down for households at 100% and below, 5% down for households at 120% and above,plus closing costs at 3.5% of purchase price.Page 8-13 July 11, 2006