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.' The Redwood City-San Carlos-Belmoot Board of Reallors esti.ate the 198~ average IAles price for all single fa~ily housing as $186,100, Exhibit VII Tvpical House Purchase Costs Redwood City 1985 Average Price $186,100 Mortgage 148,880 Interest rate/term 10.5\ fixed for 30 yrs. Monthly payment 1,362.00 TbxeJ/Utilities/etc. 200 Tvtal(month) $ 1,562.00 R~4uisite Income $ 3 , 9 0 ~ . 001 mo r. t h Annua 1 Income $46,860 According to the 1980 census only ~.7\ of the Redwood City households had incomes equal to or greater that this annual income required to buy the average priced house. The following chart esti~ates how many households in the city had incomes in each income category: Exrlibit~ Household Incomes f- p~ [;'0- -k :J "b Y/ r I ) J nc orr,e Househclds Cateoory Very Low' 50-9,756 Low" 9,7~9-15,614 Moderate'" 1~,615-23,420 Above Moderate.... 23,420. 4,91 E 4,199 4,586 lO,1~9 . Household whose income does not exceed 50\ of median household income. .. As above but does not exceed 80\. t" As above, bul does nol exceed 120\. .."As above, but exceeds 120\ Rental housing construction has increased in cost, as bas all . construction. More importantly, rental housing construction has been an unattractive proposition because renters are least able to afford the rent levels necessitated by high costl of land, construction, and financing. The City seeks to mitigate the costs of construction of affordable rental housing through the provision of density bonuses and 8Ort9.ge revenue bond financin9. EX 6 "k~t- 6 13