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AFFORDABLE SALES PRICE CALCULATIONS <br />A. Very Low -Low Income Family of Four <br />Annual Household Income 2: $18,400 (VL) - $27,500 (L) <br />Gross Monthly Income: $1,533 (VL) - $2,292 (L) <br />Federal Withholding (Estimate): $200 (VL) - $250 (L) <br />Net Effective Income: $1 ,5331200 = $1,333 (VL) to <br />$2,292 -750 = $2,042 (L) <br />Affordable Monthly Housing Cost: .35 ($1,333) _ $467 (VL) to <br />.35 ($2,042) _ $715 (L) <br />Average Utilities, Maintenance and Insurance: <br />$108 + 85 + 35 = $228 /month <br />Affordable Principal, Interest and Taxes: ($467 -228) _ $239 (VL) to <br />($715 -228) _ $487 (L) <br />Affordable P.I.T. _ $239 - $487 /month <br />487 = .008775 x mortgage = .001 sales price (SP) <br />487 = .00875 x (.95 SP + $500 + $500 + .001 SP <br />487 = .008336 SP + $4.39 + .001 SP <br />487 = .009336 SP + $4.39 <br />487 -4.39 = .009336 SP <br />482.61 = .009336 SP <br />482.61 - .009336 = SP $51,561 = Maximum Affordable SP <br />1 Calculation methodology from Section 602.506 of Chapter 602 of the <br />California Department of Transportation Right -of -Way Procedure <br />Handbook. <br />2 Median Household Income estimates for the Anaheim - Santa Ana - <br />Garden Grove PMSA, July 1986, as reported by the Santa Ana Housing <br />Services Agency. <br />