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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 />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
<br />1 -Bdrm
<br />2 -Bdrm
<br />3 -Bdrm
<br />4 -Bdrm
<br />1. 2010 Orange County Median Income
<br />$69,750
<br />$78,500
<br />$87,200
<br />$94,200
<br />II. Moderate Income Sales Prices
<br />Household Income @ 110% Median
<br />$76,725
<br />$86,350
<br />$95,920
<br />$103,620
<br />Income Allotted to Housing @ 35% of Income
<br />$26,854
<br />$30,223
<br />$33,572
<br />$36,267
<br />Ongoing Expenses
<br />Maintenance & Insurance
<br />$2,700
<br />$3,000
<br />$3,300
<br />$3,600
<br />Utilities '
<br />1,188
<br />1,368
<br />1,896
<br />2,148
<br />Property Taxes @ 1.1% of Affordable Price
<br />3,183
<br />3,584
<br />3,934
<br />4,231
<br />Total On -going Expenses
<br />$7,071
<br />$7,952
<br />$9,130
<br />$9,979
<br />III. Income Available for Mortgage
<br />$19,783
<br />$22,271
<br />$24,442
<br />$26,288
<br />Affordable Housing Price
<br />Supportable Mortgage @ 6.00% Interest 2
<br />$275,000
<br />$309,600
<br />$339,700
<br />$365,400
<br />Down Payment @ 5% of Affordable Price
<br />14,500
<br />16,300
<br />17,900
<br />19,200
<br />Maximum Affordable Purchase Price
<br />$289,500
<br />$325,900
<br />$357,600
<br />$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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