HomeMy WebLinkAbout1991-04 Affordable Housing Levels
RESOLUTION NO. 91-- 0 ~
A RESOLUTION OF THE CITY OF ASHLAND, OREGON
SETTING AFFORDABLE HOUSING INCOME LEVELS
AND RENTAL AND PURCHASED COST LEVELS.
WHEREAS, the City of Ashland desires to provide affordable housing for its
citizens; and
WHEREAS, the City's Land Use Ordinance has been amended to provide
density bonuses for providing affordable housing; and
WHEREAS, the City's Land Use Ordinance requires the City Council to adopt a
resolution to establish affordability standards to implement the affordable housing
density bonuses.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of
Ashland, Oregon as follows:
SECTION 1.
Rental Housing.
In order to qualify for the density bonuses allowed in the City's Land Use
Ordinance, designated affordable units must be rented to individuals or families
whose annual income does not exceed the following:
Annual
Income Level (80% of Median Income)
# of People
1
2
3
4
5
6
7
8
$16,400
18,750
21,100
23,450
24,900
26,400
27,850
29,300
Rents for the affordable units shall not exceed the following:
Apt. Type
Studio
1 Bedroom
2 Bedroom
3 Bedroom
4 Bedroom
Maximum
Rent Level
$383/month
438/month
492/month
547/month
580/month
The applicant shall sign a 20 year rental agreement which guarantees these rent levels
will be maintained (with inflation factors) and agree to rent only to families that meet
the income guidelines. This rental agreement will travel with the property cleed to bind
future owners who purchase the property during this 20 year period. The agreement
will also require the owner to rent to HUD Section 8 qualified applicants and agree to
accept rent vouchers for all of the affordable rental units where applicable.
SECTION 2. Purchased Housing.
A. INCOME
In order to qualify for the density bonuses allowed in the City's Land Use
Ordinance, designated affordable units must be sold to individuals or families
whose annual income does not exceed the following:
# of People
Annual
Income Level (1.3 x Median Income)
1
2
3
4
5
6
7
8
$27,060
30,938
34,815
38,693
41 ,085
43,560
45,952
48,345
B. ASSETS
Excluding the down payment (to a maximum of 20 percent of the purchase
price) and closing costs, net assets (not including pension plans and IRA's)
shall not exceed $20,000 for a family or $130,000 if one family memlJer is 65
years or older.
C. PURCHASE PRICE
To qualify for the density bonus, the purchase price of designated affordable
units shall not exceed the following amounts:
Type of Unit
Studio
1 Bedroom
2 Bedroom
3 Bedroom
4 Bedroom
Purchase Price
Estimated
Monthlly
Payment
$64,312
73,528
82,743
91,958
97,645
$574
656
739
821
872
In addition, "sleeping second" mortgages will be recorded on the deeds of all
units used to qualify for the affordable housing density bonus if the selling price
price is at least 10 percent greater than the appraised value.
The foregoing resolution was READ and DULY ADOPTED at the re~lular meeting
of the Ashland City Council on the /? ~~ i,- day of -;;:;1,- L < G CL -i' ._ / , 1991.
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Nan Franklin
City Recorder
c.t. /-1,
SIGNED and APPROVED this ~{;' ._ C day of --.',,; C <. L.L -c ?L "-'I' , 1991.
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Catherine Golden
Mayor