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<br />78 <br />Page 10 <br /> <br />Section 3.04. <br /> <br />Determinina Maximum Affordable Unit Sales Price. <br /> <br />In order to ensure compliance with this Article in connection with the sale and <br />transfer of the Affordable Units, the Affordable Units may not be sold to Qualified Buyers <br />for a purchase price which results in an annual"Affordable Housing Cost" (as defined <br />below), in excess of one of the following calculation: <br /> <br />Affordable Housing Cost shall not exceed thirty percent (300/0) of the <br />actual Gross Income of the household, and includes_~!:i~bwn payment equal to <br />ten percent (10%) of the Affordable Unit sales price."J:HlJi;': <br />: i':.:.1 ,., <br /> <br /> <br /> <br />hOUse~~ :~a(~~~e:~~~ ~~~~~ ~ a~c.If~;~~\;~~~ sc'::~i~:n~n o~ <br /> <br />one (1) bedroom ,:.'!;;'J "',.,;. <br />. ::.~'l[::'!P!' !'T:Uh, <br />Affordable Housing Cost shall incl~~: :..11 of the following ass~~,~~ed with an <br />Affordable Unit and shall be calculated on eitt1~~:!'~i ,mo~~mr.i f' annual basishl'!!; <br />: :~'.: ! it" "j'! ! ! !,; :, [' . <br />1. Principal and interest paymen~~t~~f.an Eligible First Loan ("PI"); and <br />..~ ~:. ~ ..'::::::i~j.r' <br />tit:::: i :~k l::~';:j!.;:.. <br /> <br />~~~~f:; in:r~~l~~;~~;~~I!)c1~in?n~~~ <br />Insurance premluO't$.:("MIP1:i:$'~;'::" ';':,n'l1 <br />Plm~tp' :~lf:l! l..ld. inter~~~;!'<p.aJltH~~~ 1~~!}~hIEligible Second Loan ("SPI"); <br />f'-'I;" an., .....,.~rn <br />4iii!,pa';'!ili "'iiL, <br />4. . tf! \~{pperty ta.~~ ..t~JaxeS")'Y~lculated as 1.25% of the Affordable Unit <br />. PlJtqt):~,~i ~~~f~KP~.i\i'l i i ~;!'. ;':>~ <br /> <br />::, I:',. rl',' I!:!' l: t' .. "'.' !,,!',.hl <br />:~!~.~~~!Hi':'1~l"" "~~~'~i.;H" ~:l;"~\f" <br /> <br />.;:jiiU\Wj:~~';ftn:i:~.AnY a'Pp.h~~ble Mello-Roos or other special assessments; and <br />..:~!y.;.;:! 'Tii.!,. '~Wi'i, <br />Irmit'; 6. A H~~~O~~~ih!:"onthIV ~tilities allowance. ("Utilities Allowan~"), <br />:"':.l.iX;l;, base~tj;,upon' .tne penodlc Allowance Adjustments (as provided <br />"':';;;!', below)~'!and <br />j':::;.H:;. )j[' <br />'1~ :.~.;!, A ..~~~onable monthly maintenance and repair allowance <br />..' q:ih{fNl~ihtenance Allowance") based upon the periodic Allowance <br />'\~crJiJstments (as provided below). <br /> <br />2. <br /> <br />3. <br /> <br />Allowance Adiustments. To provide an adequate level of service as required under <br />California Code of Regulations, Title 25, section 6920, the Utilities Allowance and <br />Maintenance Allowance shall be established periodically upon the sale of each <br />Affordable Unit (the uAllowance Adjustments') At the time of a proposed sale, the <br />monthly Utilities Allowance shall be that set forth by the Housing Authority of the <br />County of San Mateo's then-published applicable annual housing allowances for <br /> <br />REDW\O001\OOC\022-3.DOC <br />12/23/08 900 HvT <br /> <br />7 <br />