Monthly Housing Cost means, for a Lower Income Household purchasing the Property, all of the following associated with the Property, estimated or known as of the date of the proposed sale of the Property: (i) principal and interest payments on a mortgage loan, and any loan insurance fees associated therewith (provided that if the mortgage loan obtained by the purchaser contains an adjustable interest rate, then for the purposes of this Restriction the principal and interest payments shall be deemed to be those which would be due upon a mortgage loan amortized over a thirty year period with an interest rate equal to prevailing market rates for thirty- year fixed-rate mortgage loans; provided further that such clause shall not be deemed to permit the use of adjustable interest rate loans with respect to the Property); (ii) property taxes and assessments;(iii) fire and casualty insurance covering replacement value of property improvements; (iv) any homeowner association fees; and (v) a reasonable utility allowance. Monthly housing cost of a purchaser shall be an average of estimated costs for the next twelve (12) month period.
Monthly Housing Cost means the average of the estimated costs for the next twelve months for a homebuyer or owner-occupant and shall include all of the following associated with that housing unit:
Monthly Housing Cost means, for a Lower Income Household purchasing the Property, all of the following associated with the Property, estimated or known as of the date of the proposed sale of the Property: (i) principal and interest payments on a mortgage loan, and any loan insurance fees associated therewith (provided that if the mortgage loan obtained by the purchaser contains an adjustable interest rate, then for the purposes of this Grant Deed Containing Resale Restrictions the principal and interest payments shall be deemed to be
Examples of Monthly Housing Cost in a sentence
Total Monthly Housing Cost: This will be calculated by the CDOL by adding together the Monthly Basic Rent and the Tenant Paid Utilities.
Monthly Housing Cost of a purchaser shall be an average of estimated costs for the next twelve (12) months.
Tables A3 and A4 (Affordability): Total Annual Cost: This will be calculated by the CDOL by multiplying the Total Monthly Housing Cost by 12 for each of the unit size/monthly cost categories displayed in Table A3.
A1 through A4 - Monthly Housing Cost for Rental Units This section requires you to enter information for each unit size/monthly basic rent/rental subsidy combination in the project.
After saving the information for each unit size/rent category, the units will be displayed in the appropriate grids at the bottom of the page: Table A1 (Monthly Housing Cost for Rental Units with Subsidies) and Table A2 (Affordability for Rental Units with Subsidies) will display units with rental subsidies; and, Table A3 (Monthly Housing Cost for Rental Units without Subsidies) and Table A4 (Affordability for Rental Units without Subsidies) will display units without rental subsidies.
More Definitions of Monthly Housing Cost
Monthly Housing Cost means, for an Extremely Low Income Household renting the Property, all of the following associated with the Property, estimated or known as of the date of the proposed rental of the Property and for the duration of the residency of the tenants of an affordable unit: (i) the monthly rental rate; and (ii) a reasonable utility allowance. Monthly housing cost of a renter shall be an average of estimated costs
Monthly Housing Cost shall include all of the following associated with the Affordable Unit, estimated or known as of the date of the proposed sale of the Affordable Unit: (i) principal and interest payments on a mortgage loan not exceeding the prevailing conventional home mortgage lending rates applied by any reputable institutional home mortgage lender, or the lending rates of any government-subsidized or special mortgage program for which a Qualified Purchaser qualifies and has obtained a first trust deed loan for the acquisition of the Affordable Unit; (ii) property taxes and assessments including Community Facilities District (CFD) fees, if applicable; (iii) the cost of fire and casualty insurance covering replacement value of property improvements to the extent not covered by the homeowner’s association ; (iv) Affordable Unit maintenance and repair costs to the extent not covered by the homeowner’s association ; (v) homeowner's association fees; (vi) a reasonable utility allowance. Monthly Housing Cost of a purchaser shall be the monthly average of estimated costs for the next twelve (12) months as determined by the City; and (vii) purchase price down payment, subject to verification by the City Housing Manager.
Monthly Housing Cost shall be determined as follows: the sum of (i) one-twelfth of the annual cost of principal and interest payments on a mortgage loan and loan insurance fees associated with such loans; (ii) twelfth of the annual cost of property taxes and assessments; (iii) twelfth of the annual cost of fire and casualty insurance covering replacement value of property improvements; (iv) one-twelfth of the annual cost of a sinking fund contribution for maintenance and repairs; (v) one-twelfth of the annual cost of an adequate level of service for the following utilities: garbage collection, sewer, water, electricity, gas, and other heating, cooking and refrigeration Monthly Housing Cost shall be an average of the estimated costs the items enumerated in the prior sentence for the twelve months following the purchase.
Monthly Housing Cost shall include all of the following associated with the Property, estimated or known as of the date of the proposed sale of the Property: (i) principal and interest payments on a mortgage loan not exceeding the prevailing conventional home mortgage lending rates applied by any reputable institutional home mortgage lender, or the lending rates of any government-subsidized or special mortgage program for which a Qualified Purchaser qualifies and has obtained a first trust deed loan for the acquisition of the Property; (ii) property taxes and assessments; (iii) fire and casualty insurance covering replacement value of property improvements; and (iv) a reasonable utility allowance. Monthly housing cost of a purchaser shall be an average of estimated costs for the next twelve (12) months.
Monthly Housing Cost shall be determined as follows: the sum of (i) one-twelfth of the annual cost of principal and interest payments on a mortgage loan and loan insurance fees associated with such loans; (ii) one- twelfth of the annual cost of property taxes and assessments; (iii) one- twelfth of the annual cost of fire and casualty insurance covering replacement value of property (iv) one-twelfth of the cost of a sinking contribution for maintenance and repairs; (v) one-twelfth of the annual cost of an adequate level of service for the following utilities: garbage collection, sewer, water, electricity, gas, and other heating, cooking and refrigeration fuels:. Monthly Housing Cost shall be an average of the estimated costs the items enumerated in the prior sentence for the twelve months following the purchase. In the event that rate financing is unavailable in amounts sufficient to enable the of the property to a subsequent purchaser household qualified pursuant to this paragraph, at a price not exceeding that determined pursuant to the preceding subsections, the Agency Board by resolution may, in its sole discretion, determine to alter the income eligibility and resale restrictions as follows: in subsections (b) and (c), the words “fifty percent (50%)” shall be deleted, and the words “eighty percent (80%)” shall be inserted in their place.
Monthly Housing Cost shall include all of the following associated with the Property, estimated or known as of the date of the proposed sale of the Property:
Monthly Housing Cost shall include all of the following associated with a Condominium, estimated or known as of the date of the proposed sale of the Condominium: (a) principal and interest payments on a mortgage loan; (b) property taxes and assessments; (c) fire and casualty insurance covering replacement value of property improvements; (d) homeowner association fees; and (e) a reasonable utility allowance. The Monthly Housing Cost of a purchaser shall be an average of estimated costs for the next twelve (12) months.