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CC PACKET 08282001
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CC PACKET 08282001
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Last modified
12/30/2015 7:53:22 PM
Creation date
12/30/2015 7:53:08 PM
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SP Box #
29
SP Folder Name
CC PACKETS 2001-2004
SP Name
CC PACKET 08282001
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EXPLANATION OF 58 <br /> . AFFORDABLE LIFE-CYCLE HOUSING OPPORTUNITIES __.. <br /> FOR THE YEAR 2001 <br /> Simply stated, here's how we determined your community's ALHOA for 2000 that is to be <br /> expended in 2001. <br /> First, we determined the average market value of your city's houses in 1995, doubled it to <br /> arrive at a base value. We then found all of the 1995 high priced houses that were above <br /> this base amount and subtracted the base value from each of those high priced houses to <br /> arrive at an excess value number for each house. Next we added up all of those high priced <br /> house's excess values to arrive at the total base year excess number. This 1995 number <br /> doesn't change. <br /> We did the same for the current year, this time using the current market values for the <br /> houses and the current base value using the Consumer Price Index change according to the <br /> requirements of the legislation. <br /> If the current year's excess is bigger than the 1995 excess, we subtracted the 1995 excess <br /> from the current year's total excess to arrive at the Growth in Excess. We multiplied that <br /> Growth in Excess times your city's tax rate. This is the Affordable and Life Cycle Housing <br /> Opportunities Amount for this year. This means that if there is no growth in the total excess <br /> from 1995, then there is no Opportunities amount. <br /> Definitions: <br /> HOMESTEAD <br /> A homestead is defined as property regularly "homesteaded" by its owners. For farm <br /> homes, it represents the assessment of the farm house, a garage and one acre of land only. <br /> CONSUMER PRICE INDEX (CPI) <br /> The Consumer Price Index measures the inflation factor in the U.S. economy. The <br /> Department of the Interior publishes this rate monthly along with a yearly average. For this <br /> program, the yearly average CPI is used. <br /> To ensure that this base value does not lose its meaning in future years the base value is <br /> increased by the CPI each year. This increased value approximately represents the effect of <br /> inflation on the market value of houses in your city. By changing the base value every <br /> year, the houses that were not included in the first base year calculation should not be <br /> included in future years just because the market value has increased due to inflation. <br /> Refer to attached sample city printout for assistance <br />
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