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TABLE 6
<br />HOME LOW INCOME SALES PRICES
<br />HABITAT FOR HUMANITY - ALTON
<br />SANTA ANA, CALIFORNIA
<br />Low Income
<br />I.HOME Program 80% HUD Median
<br /> 1 Person $88,400
<br /> 2 Person $101,000
<br /> 3 Person $113,650
<br /> 4 Person $126,250
<br /> 5 Person $136,350
<br /> 6 Person $146,450
<br /> 7 Person $156,550
<br /> 8 Person $166,650
<br />II.Affordable Sales Price Calculation
<br />One-Bedroom
<br />Unit
<br />Two-Bedroom
<br />Unit
<br />Three-Bedroom
<br />Unit
<br />Four-Bedroom
<br />Unit
<br />A.Income Available for Housing Expenses
<br />Benchmark Household Size 2 3 4 5
<br />Household Income Limit $101,000 $113,650 $126,250 $136,350
<br />% Income Allotted to Housing Costs 30%30%30%30%
<br />Total Income Available for Housing Expenses $30,300 $34,095 $37,875 $40,905
<br />B.Ongoing Expenses
<br />HOA Fees ($400/Unit/Month)$4,800 $4,800 $4,800 $4,800
<br />Insurance @ 0.75% of Affordable Sales Price 1,793 2,027 2,252 2,414
<br />Annual Utilities Allowance 2 2,592 3,396 4,296 5,268
<br />Property Taxes @ 1.25% of Affordable Sales Price 2,989 3,378 3,754 4,023
<br />Total Ongoing Expenses $12,174 $13,601 $15,102 $16,505
<br />C.Income Available for Mortgage Debt Service $18,126 $20,494 $22,773 $24,400
<br />D.Affordable Sales Prices
<br />Supportable Mortgage @ 7.00% Interest Rate 3 $227,000 $256,700 $285,200 $305,600
<br />Home Buyer Down Payment @ 5% of Affordable Sales Price 12,000 13,500 15,000 16,100
<br />III.Affordable Sales Prices $239,000 $270,200 $300,200 $321,700
<br />1
<br />2
<br />3
<br />Based on the utility allowances published by the Santa Ana Housing Authority on October 1, 2024.
<br />Based on Habitat estimate which is approximately equal to the Freddie Mac monthly average between November 2023 and October 2024, for a fixed-
<br />interest rate loan with a 30-year amortization period.
<br />Based on 80% HUD Median. The affordable sales prices will ultimately be determined immediately prior to the sale of the units.
<br />Low Income Sales Price
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Habitat Alton_12 6 24; HUD Afford
<br />EXHIBIT 3
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