Re: Inclusionary Zoning and Assessments
From: Elizabeth Magill (pastorlizmgmail.com)
Date: Wed, 18 Jul 2012 09:43:49 -0700 (PDT)
For us, the homes were "priced for 80% AMI".

That meant there was a salary at which people had to be able to afford the home.

So starting with the salary, the common mortgage rates in the area and other 
details, we worked backward to set the home price. Condo fee was included in 
that calculation, we had to make it so a person at 80% AMI wiht a good credit 
rating could be approved for the mortgage.


-Liz
Elizabeth Magill
www.worcesterfellowship.org




On Jul 18, 2012, at 12:28 PM, Sharon Villines wrote:

> 
> 
> On 16 Jul 2012, at 10:30 AM, Zev Paiss wrote:
> 
>> This meant that 7 of our 11 homes are permanently affordable. Three  
>> are at 80% of AMI, 4 are at 120% of AMI and the remaining 4 are market  
>> rate.  Our monthly dues are quite diverse ranging from the low 100s to  
>> almost $500 per month. The market rate homes pay an additional $25 per  
>> month.
> 
> 
>> AMI is Area Median Income.
> 
> How does this relate to affordable housing prices?
> 
> Sharon
> ----
> Sharon Villines
> Takoma Village Cohousing, Washington DC
> http://www.takomavillage.org
> 
> 
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