ASSUMPTIONS:
Interest Rate 4.25% Annual
Monthly interest rate 0.35% Monthly
Mortgage Term 360 months
Downpayment 5% PMI rate: 0.51%
Area Median Income 1 person 2 person 3 person 4 person
(AMI) $99,950 $114,250 $128,500 $142,800
MODERATE INCOME HOUSEHOLDS: 120% Area Median Income
HOUSEHOLD SIZE 1 person 2 person 3 person 4 person
Max Annual Income $119,950 $137,100 $154,200 $171,350
Amount Available for Housing=
35% of 110% of AMI* $3,207 $3,666 $4,123 $4,582
Mortgage $1,966 $2,269 $2,536 $2,799
Prop.Tax 0.001 $421 $486 $543 $599
HOA Dues $435 $470 $505 $540
Utilities $170 $200 $275 $357
Homeowner's Insurance $45 $45 $45 $45
PMI 0.005094 $170 $196 $219 $242
MORTGAGE $399,706 $461,269 $515,546 $568,980
UNIT SIZE Studio 1 Bedroom 2 Bedroom 3 Bedroom
AFFORDABLE SALES PRICE $420,743 $485,546 $542,680 $598,927 UNIT SIZE Studio 1 Bedroom 2 Bedroom 3 Bedroom
GROSS AFFORDABLE RENT $2,749 $3,142 $3,534 $3,927
MEDIAN INCOME HOUSEHOLDS: 100% Area Median Income
HOUSEHOLD SIZE 1 person 2 person 3 person 4 person
Max Annual Income $99,950 $114,250 $128,500 $142,800
Amount Available for Housing=
30% of 100% of AMI* $2,499 $2,856 $3,213 $3,570
Mortgage $1,553 $1,810 $1,993 $2,199
Prop.Tax 0.001 $332 $367.91 $426 $471
HOA Dues $400 $435 $475 $500
Utilities $170 $200 $275 $357
Homeowner's Insurance $43 $43 $43 $43
PMI 0 $0 $0 $0 $0
MORTGAGE $315,685 $367,906 $405,060 $447,005
UNIT SIZE Studio 1 bedroom 2 Bedroom 3 Bedroom
AFFORDABLE SALES PRICE $332,300 $387,269 $426,379 $470,532 LOWER INCOME HOUSEHOLDS: 80% Area Median Income
HOUSEHOLD SIZE 1 person 2 person 3 person 4 person
Max Annual Income $76,750 $87,700 $98,650 $109,600
Amount Available for Housing=
30% of 70% of AMI* $1,749 $1,999 $2,249 $2,499
Mortgage $935 $1,088 $1,199 $1,317
Prop.Tax 0.001 $200 $233 $257 $282
HOA Dues $400 $435 $475 $500
Utilities $170 $200 $275 $357
Homeowner's Insurance $43 $43 $43 $43
PMI 0 $0 $0 $0 $0
MORTGAGE $190,162 $221,182 $243,683 $267,669
UNIT SIZE Studio 1 bedroom 2 Bedroom 3 Bedroom
AFFORDABLE SALES PRICE $200,171 $232,823 $256,508 $281,757 UNIT SIZE Studio 1 bedroom 2 Bedroom 3 Bedroom
GROSS AFFORDABLE RENT $1,499 $1,714 $1,928 $2,142
VERY LOW INCOME HOUSEHOLDS: 50% Area Median Income
HOUSEHOLD SIZE 1 person 2 person 3 person 4 person
Max Annual Income $50,000 $57,150 $64,300 $71,400
UNIT SIZE Studio 1 Bedroom 2 Bedroom 3 Bedroom
GROSS AFFORDABLE RENT $1,249 $1,428 $1,606 $1,785
Affordable Housing Program Ordinance
CITY OF EMERYVILLE
HOUSING AFFORDABILITY TABLE: MAXIMUM SALES PRICES AND RENTS** 2022 Program Year (DRAFT)
Pursuant to the City of Emeryville
Requires Ownership projects of 10+ units to include 20% of project units at moderate income. Requires Rental Projects who opt for in lieu production to include 8% at the units to low income and 4% at very low income.
NOTE: Gross affordable rent is equal to 30% of 100% of AMI and includes the total of monthly payments for a rental unit including a reasonable allowance for utilities and any required service charges or fees charged to tenants. Utility allowance and required charges/fees must be deducted from rents shown above.
NOTE: Gross affordable rent is equal to 30% of 60% of AMI and includes the total of monthly payments for a rental including a reasonable allowance for utilities and any required service charges or fees charged to tenants. Utility allowance and required charges/fees must be deducted from rents shown above.
NOTE: Gross affordable rent is equal to 30% of 50% of AMI and includes the total of monthly payments for a rental including a reasonable allowance for utilities and any required service charges or fees charged to tenants. Utility allowance and required charges/fees must be deducted from rents shown above. ** The maximum sales prices and rents allowed pursuant to the City's Affordable Housing Program are based on the housing affordability definitions found in the California Health and Safety Code at Section 50052.5 and 50053. These are to be considered maximum amounts and do not take into account market conditions that may limit actual sales and rent values.
Exhibit A