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<br />6.1C <br />Page 11 <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 uAffordable 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~qbwn payment equal to <br />ten percent (100/0) of the Affordable Unit sales price./:>~:'; <br /> <br />The term "adjusted for family size appropriatetphthe unit", shall mean a <br />household of two (2) persons in the case of each Afford~pJe Unit consisting of <br />one (1) bedroom. . ' '.;, <br /> <br />'.'. ," ,.".,. --,. <br />. . " . .,"-. <br />Affordable Housing Cost shall inclu~e,na=n of the following as~~pia,ted with an <br />Affordable Unit and shall be calculated on elth~r~a monthlWQ[ annual basls:.',j1 <br />~.. '.. .' .... . . <br /> <br />.. .: ", <br />::,- " ..'.:; <br />1. Principal and interest paym~nts..()~:ah Eligible First Loan (UPI"); and <br /> <br />2. Any loan insuraJ1cef~~s associateq therewith, including without <br />limitation, privat~; mortg.a&le, insu+apc;e (PM I") or mortgage <br />insurance premiuh'i~fMIP")~'~r-t9.,': .J, <br /> <br />, ,",: ", : . . .: ,", ;.:. ,: . '~::', ~: : :: :" "",, -. . <br />". ,'.. :: : :: ~ ~:: : . ~. :" :: ' . ~. - : ;.:,:,::;:: . <br /> <br /> <br />3. Prihbipafaqd interest:p~ytW~nts on:~~WiEligible Second Loan ("SPI"); <br />,and' " <br /> <br /> <br />. . . . .. <br />",: :. : . " :: .' :"; ,""" ~ " <br /> <br />4.' ;-p~pperty t~~'~s,rIaxesn)~'~lculated as 1.250/0 of the Affordable Unit <br />pUTq~a.s.;~~price';;~~p; , <br /> <br />'" ." <br /> <br />""f\ny a'pplicable Mello-Roos or other special assessments; and <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 "Allowance 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 \DOC\022-3. DOC <br />12/23/08 900 HvT <br /> <br />7 <br />