HomeMy WebLinkAbout1997-036 Memo - Affordable Housing
MEMORANDUM
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CITY OF ASHLAND
Department of Community Development
Planning Division
DATE:
April 29, 1997
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Planning Staff/ /J / /'1' /-
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John MCLaUghlin'~'~,;!) '...-
Affordable Housing - Ilicome, Rent and Purchase Price Levels
TO:
FROM:
RE:
On May 1st, the affordable housing income levels for rentals and purchased housing will
rise, as will the maximum rent levels and maximum purchase price levels. In accordance
with Sections 1, 2.1.1 and 2.2 of Resolution 93-19, this will be annually revised in May.
Copies of the Incomes and Rental Cost Levels, and Incomes and Purchase Price Levels are
attached.
CITY OF ASHLAND
AFFORDABLE HOUSING
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Income and Rental Cost Levels
May 1, 1997
Qualifying Incomes for RENTAL HOUSING
Annual Income Level
Family Size (80% of median income)
1 $20,250
2 $23,150
3 $26,050
4 $28,950
5 $31,300
6 $33,600
7 $35,900
8 $38,250
RENTS for affordable units shall not exceed the following:
Apartment Type Maximum Rent Level
Studio $416/month
1 Bedroom $472/month
2 Bedroom $5511month
3 Bedroom $622/month
4 Bedroom $666/month
Income and Purchase Price Levels
May 1, 1997
Qualifying Incomes for PURCHASED HOUSING
Annual Income Level
Family Size (130% of median income)
1 $32,906
2 $37,619
3 $42,331
4 $47,044
5 $50,863
6 $54,600
7 $58,338
8 $62,156
PURCHASE PRICES for individually owned homes shall not exceed the following:
Type of Unit Maximum Purchase Price
Studio $79,318
1 Bedroom $90,522
2 Bedroom $101,949
3 Bedroom $113,151
4 Bedroom $122,161