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Attachment 1 <br />Affordable Housing Rates (2020) <br />Rental housing <br />Rents include tenant -paid utilities. We have not separated tenant -paid utilities from the rent value because we want <br />to consider all housing costs to determine affordability, rather than just rent alone. <br /># Bedrooms <br />30% AMI <br />50% AMI 60% AMI <br />80% AMI <br />Efficiency <br />$543 <br />$905 <br />$1,086 <br />$1,448 <br />1 Bedroom <br />$582 <br />$970 <br />$1,164 <br />$1,552 <br />2 Bedrooms <br />$697 <br />$1,163 <br />$1,395 <br />$1,860 <br />3 Bedrooms <br />$806 <br />$1,344 <br />$1,612 <br />$2,150 <br />4 Bedroom <br />$900 <br />$1,500 <br />$1,800 <br />$2,400 <br />2020 <br />Rental Housing <br />Ownership housing <br />For owner -occupied housing, the income limit includes principal, interest, property taxes and home insurance. <br />Assumptions include: <br />• Fixed -interest, 30-year home loan <br />• Interest rate of 3.625% <br />• A 29% housing debt -to -household income ratio <br />• A 3.5% down payment <br />• A property tax rate of 1.25% of the property sales price <br />• Mortgage insurance at 0.85% of unpaid principal <br />• $100/month for hazard insurance <br />Household Income Level Affordable Home Price <br />80% AMI ($78,500) $293,500 <br />60% AMI ($62,040) $228,500 <br />50% AMI ($51,700) $187,500 <br />30%AMI ($31,000) $106,000 <br />2020 Home Ownership <br />Applying an interest rate of 3.625% on a 30-year fixed-rate home loan for 2020 and other standard mortgage <br />assumptions listed above to the 80% of AMI amount for a family of four ($78,500), yields an affordable purchase <br />price of $293,500. With ongoing increases in HUD income limits and the recent decline in mortgage interest rates, <br />the affordable purchase price has increased from the 2019 limit of $254,500 and the 2018 limit of $234,500. <br />M <br />