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<br />The Redwood City-San Carlos-Belmo~t Board of Realtors estimate the 19B5 <br />average sales price for all single family housing as $186,100. <br /> <br />Exhibit VII <br />Typical House Purchase Costs <br />Redwood City 1985 <br /> <br />Average Price $186,100 <br />Mortgage 148,880 <br />Interest rate/term 10.5\ fixed for 3D yrs. <br />Monthly payment 1,362.00 <br />Taxes/Utilities/etc. 200 <br />T0tal(month) S 1.562.00 <br /> <br />R~4uisite Income <br /> <br />S3,905.00/month <br /> <br />Annua 1 Income <br /> <br />$46,860 <br /> <br />According to the 1980 census only 5.7\ of the Red~ood City households <br />had incomes equal to or greater that this annual income required to buy <br />the average priced house. <br /> <br />The following chart estimates how many households in the city had <br />in each income category: <br /> <br />incomes <br /> <br />Exrlibit~ <br />Household Incomes <br /> <br />f- <br /> <br />p~ <br /> <br />Lr~ <br /> <br />-f--l) <br /> <br />I') r) D <br />.Yt ,.. <br />I ") <br /> <br />Category <br /> <br />J nCOITe <br /> <br />HOLlsehclds <br /> <br />Very Low. SO-9,7~6 <br />Low.. 9,759-15,614 <br />Moderate.-- 15,615-23,420 <br />Above Moderate..-- 23,420+ <br /> <br />4 ,91 E <br />4,199 <br />4,586 <br />10.159 <br /> <br />* Household whose income does not exceed 50\ of median household <br />income. <br />** As above but does not exceed 80\. <br />*** As above, but does not exceed 120\. <br />****As above, but exceeds 120\ <br /> <br />,. <br /> <br />Rental housing construction has increased in cost, as has all <br />. construction. More importantly, rental housing construction has been an <br />unattractive proposition because renters ere least able to afford the <br />rent levels necessitated by high costs of land, construction, and <br />financing. The City seeks to mitigate the costs of construction of <br />affordable rental housing through the provision of density bonu.es and <br />aortgage revenue bond financing. <br /> <br />EX 6 "J"-6 <br /> <br />13 <br />