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APPENDIX A - TABLE 1
<br />AFFORDABLE SALES PRICE CALCULATIONS
<br />INCLUSIONARY HOUSING IN-LIEU FEE METHODOLOGY
<br />SANTA ANA. CALIFORNIA
<br /> 1-Bdrm 2-Bdrm 3-Bdrm 4-Bdrm
<br />
<br />1. 2010 Orange County Median Income $69,750 $78,500 $87,200 $94,200
<br />II. Moderate Income Sales Prices
<br />Household Income @ 110% Median $76,725 $86,350 $95,920 $103,620
<br />Income Allotted to Housing @ 35% of Income $26,854 $30,223 $33,572 $36,267
<br />Ongoing Expenses
<br />Maintenance & Insurance $2,700 $3,000 $3,300 $3,600
<br />Utilities ' 1,188 1,368 1,896 2,148
<br />Property Taxes @ 1.1% of Affordable Price 3,183 3,584 3,934 4,231
<br />Total On-going Expenses $7,071 $7,952 $9,130 $9,979
<br />III. Income Available for Mortgage $19,783 $22,271 $24,442 $26,288
<br />Affordable Housing Price
<br />Supportable Mortgage @ 6.00% Interest 2 $275,000 $309,600 $339,700 $365,400
<br />Down Payment @ 5% of Affordable Price 14,500 16,300 17,900 19,200
<br />
<br />
<br />Maximum Affordable Purchase Price $289,500 $325,900 $357,600 $384,600
<br />Based on November 2009 Orange County Housing Authority allowances. Includes: Gas: Cooking, Heating, Water Heater.
<br />Electric: Basic trash and sewer.
<br />2 Based on the rate charged for FannieMae 30-year fixed rate fully amortizing loans.
<br />Exhibit B
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: SA In-lieu Fee_6_7_11; APP Al 75B-1 3
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