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<br />6.1G <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 "Affordable Housing Cosr (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 a down payment equal to <br />ten percent (1 00/0) of the Affordable U nit sales price. <br /> <br />The term Iladjusted for family size appropriate to the unit", shall mean a <br />household of two (2) persons in the case of each Affordable Unit consisting of <br />one (1) bedroom. <br /> <br />Affordable Housing Cost shall in dude alt of the following associated with an <br />Affordable Unit and shall be calculated on either a monthly or annual basis: <br /> <br />1. Principal and interest payments on an Eligible First Loan ("PI"); and <br /> <br />2. Any loan insurance fees associated therewith, including without <br />limitation, private mortgage insurance {"PM I") or mortgage <br />insurance premiums ("MIP"); and <br /> <br />3. Principal and interest payments on an Eligible Second Loan ("SPI"); <br />and <br /> <br />4. Property taxes ("Taxes"), calculated as 1.250k of the Affordable Unit <br />purchase price; and <br /> <br />5. Any appHcable Mello-Roos or other special assessments; and <br /> <br />6. A reasonable monthly utilities allowance ("Utilities Allowance"), <br />based upon the periodic Allowance Adjustments (as provided <br />below); and <br /> <br />7. A reasonable monthly maintenance and repair allowance <br />("Maintenance Allowance-) based upon the periodic Allowance <br />Adjustments (as provided below). <br /> <br />Allowance Adjustments. 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\OOO1 \OOC\022-3. DOC <br />12/23108 900 HvT <br /> <br />7 <br />