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. . � � <br /> Section 3.04 Determininq Maximum Affordable Unit Sales Price <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 CosY' (as defined <br /> below), in excess of one of the following calculation: <br /> Affordabie Housing Cost shall not exceed thirty percent (30%) of the <br /> actual Gross Income of the household, and includes a down payment equal to <br /> ten percent (10%) of the Affordable Unit sales price. <br /> The term "adjusted for famity size appropriate to the uniY', shall mean a <br /> household of two (2).persons in the case of each Affordable Unit consisting of <br /> one (1) bedroom. <br /> Affordable Housing Cost shall include all of the following associated with an <br /> Affordable Unit and shall be calculated on either a monthly or annual basis: <br /> 1. Principal and interest payments on an Eligible First Loan ("PI"); and <br /> 2. Any loan insurance fees associated therewith, including without <br /> limitation, private mortgage insurance ("PMI") or mortgage <br /> insurance premiums ("MIP"); and <br /> 3. Principal and interest payments on an Eligible Second Loan ("SPI"); <br /> and <br /> 4. Property taxes ("Taxes"), calculated as 1.25% of the Affordable Unit <br /> purchase price; and <br /> 5. Any applicable Mello-Roos or other special assessments; and <br /> 6. A reasonable monthly utilities allowance ("Utilities Allowance"), <br /> based upon the periodic Allowance Adjustments (as provided <br /> below); and <br /> 7. A reasonable monthly maintenance and repair allowance <br /> ("Maintenance Allowance") based upon the periodic Allowance <br /> Adjustments (as provided below). <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 Authoriry of the <br /> County of San Mateo's then-published applicable annual housing allowances for <br /> RED1M00011DOC�22-4.DOC <br /> 6I3/09 1200 HvT <br /> 7 <br />