|Re: Low Cost Cohousing||<– Date –> <– Thread –>|
|From: Greg Nelson (ghnpgt.com)|
|Date: Wed, 24 Feb 2010 09:21:50 -0800 (PST)|
Sharon Villines writes: > I think a good basis for comparison of housing costs is the HUD > figures. Their formulas maybe right or wrong but they are a stable > reference point. They also list market rates, set in large areas so > neighborhoods will vary. I agree this is a good starting point, although it's a lot more complicated than it looks at first glance. When we were working on our recent affordability grant application, it took me about two days to digest all of the relevant charts and numbers and evaluate how to split out our costs to align with their recommended numbers. For example, they have pages and pages of correction tables that substitute different numbers for the income levels in different towns; I'm not sure if this is to correct for regional price of living or regional income levels or both, but you can't just use the generic federal median income statistics. Also, I think there is quite a bit of vagueness and confusion about how to compute "living expenses" to keep this at the 30% of income proportion they require. It includes taxes for homeowners but not for renters. It includes utilities: but is that just heat (before or after HEAP subsidies?) and electric; or does it include phone... (long distance?), what if there is no landline, does it include the higher cost of cell phone... While I'm thinking about it, since people have been asking for more specifics and numbers, here are our cost breakdowns for a couple of example affordable units, if we receive the grant: 800 sq ft, 2 br 1 bath Affordable for family of 4 at VLI level: 30-50% median income Lot price: $45,000 Home price: $76,000 Total less grant: $101,000 Monthly mort: $606 Monthly taxes: $167 Monthly community fees: $50 (subsidized) Monthly insurance: $25 Montly heat: $7 Monthly util $40 Montly total: $895 1200 sq ft 3 br 1.5 bath Affordable for family of 4 at LI level: 50-80% median income Lot price: $45,000 Home price: $114,000 Total less grant: $139,000 Monthly mort: $834 Monthly taxes: $251 Monthly community fees: $200 Monthly insurance: $38 Montly heat: $10 Monthly util $40 Montly total: $1373 The same homes might be $200-$300 more per month without the grant. Do those seem like fair numbers? I don't know. I wish we could make them cheaper, but they do meet the HUD guidelines. Greg Nelson email: ghn [at] pgt.com White Hawk Ecovillage phone: 607-273-2576 Ithaca, NY 14850 web: www.whitehawk.org
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