Cohousing-L Mailing List: Re: Inclusionary Zoning and Assessments

[Catya Belfer (catya]

On Thu, Jul 19, 2012 at 11:51 AM, Sharon Villines
<sharon [at] sharonvillines.com> wrote:
>
>
> On 18 Jul 2012, at 12:43 PM, Elizabeth Magill wrote:
>
>> 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.
>
> Is this formula available? I know the formula for figuring out what is 
> "affordable" varies from place to place but a common  misperception is that 
> "affordable" means "low income". It only means 80% of average income in most 
> places while low income is in people's perceptions much lower than that.

http://www.mass.gov/hed/community/40b-plan/sale-prices-and-rents.html

30% of 70-80% of median income had to be able to cover mortgage,
insurance, taxes, and condo fees.

http://www.mosaic-commons.org/40b has more info

(And yes, we have 5 of these homes for sale still, because the window
between the income limit and what you need to earn to qualify for a
mortgage is VERY SMALL, and it's hard to get the folks who qualify to
qualify for mortgages at all in today's climate.)

   - cat