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2 Bedroom, 1 bath, 500 of AMI 1 <br /> wheelchair <br /> accessible unit <br /> 3 BR/2 BA 500 of AMI 7 <br /> Average 1500 SF <br /> a. Affordable Housina Cost . Pursuant to Section <br /> 50052 . 5 of the California Health & Safety Code, total monthly <br /> Affordable Housing Costs for the Qualified Buyers shall not exceed <br /> the product of thirty percent (30%) times fifty percent (50 0) of <br /> the AMI adjusted for family size appropriate for the unit . <br /> "Adjusted for family size appropriate for the unit" shall mean a <br /> three-person household for a two bedroom unit and four-person <br /> household for a three bedroom unit . Monthly Affordable Housing <br /> Costs shall include : mortgage principal and interest expenses, <br /> property taxes and insurance, and homeowner association dues. For <br /> purposes of evaluating "affordable housing costs", the term of the <br /> mortgage shall be thirty (30) years . <br /> b. Maximum Initial Sales Price. The maximum initial <br /> sales price for each home shall not exceed the sum of the first <br /> mortgage as established in accordance with the restrictions of <br /> Section 50052 . 5, set forth above, and the amount of the AHP <br /> mortgage assistance grants provided for each unit . <br /> c . Selection of 4ualified Buvers . As used in this <br /> Agreement the term Qualified Buyer shall be further defined to mean <br /> a household which: <br /> 1) resides within the incorporated area of the <br /> City of Redwood City at the time of application. However, the <br /> first time home buyers that Developer selects to be the initial <br /> Qualified Buyer of the units shall have resided within the <br /> incorporated limits of the City of Redwood City for a minimum of <br /> one (1) year at time of application. <br /> �� <br /> 2) meets the following family size definitions: <br /> i) For two (2) bedroom units : 3-S persons <br /> per family. <br /> ii) For three (3) bedroom units : 4-7 persons <br /> per family. <br /> iii) For the two (2) bedroom, wheelchair unit : <br /> 2-5 persons per family. <br /> REDW\0006\DOC\013-6 <br /> 2� 3/OS/05 mvc <br />