Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

price level where renters may begin to consider homeownership. The following chart illustrates the amount of income at which point the likelihood for homeownership surpasses the propensity, to rent. HOME OWNERSHIP INCOME REQUIREMENTS Median Home Price 190, 000 Down Payment 19, 000 Loan Amount 171, 000 Interest Rate 6. 00% Mortgage Payment over 30 Years 1, 025 Other Monthly Costs* 500 Total Home Ownership Cost 1, 525 Percent Housing Cost to Income 30% Monthly Income Requirement 5, 084 Annual Income Requirement, Rounded 61, 000 Value Tech Realty Services, Inc. www.gotovalue.com Page 47 62-  Sound Side Apartments Market Supply and Demand Analysis To aid in defining the correct target income band for the subject, the maximum allowable rental rates for households under the 60% and 80% AMI groups were analyzed. The maximum allowable rental rates for households under the 60% AMI group are as follows: TAX CREDIT RENT LIMITS BASED ON 60% OF AMI One Bedroom Two Bedroom Three Bedroom Four Bedroom 745 895 1, 034 1, 153 Source: Florida Housing Finance Corporation, 2009. As indicated, the rent limit for persons qualifying under the 60% of median income band ranges from 745 to $ 1, 153 per month depending on unit type. The maximum allowable rental rates for households under the 80% AMI group are as follows: TAX CREDIT RENT LIMITS BASED ON 80% OF AMI One Bedroom Two Bedroom Three Bedroom Four Bedroom 994 1, 194 1, 379 1, 538 Source: Florida Housing Finance Corporation, 2009. As indicated, the rent limit for persons qualifying under the 80% of median income band ranges from 994 to $ 1, 538 per month depending on unit type. Restrictions also exist regarding the maximum allowable income for a resident. The maximum household incomes allowed for the project are listed below: Effective 0MV2009 2009 lnaome Limits F iFC - Posted * T-2009 Florida. Housing Finance Corporation CWHIP Homeowners hip Program Multifamity Rental Programs - Except HOME and SHIP Percentage Number of Persons in Household Cate a 1 2 3 4 5 6 7 8 Fort Walton Beach- Crestviewr- 25°,'fo 11, 600 13,250 14, 925 16,57.5 17, 900 19,225 20, 550 21, 875 Des.tin MSA 28% 52, 992 14, 840 15. 71a 1S..M4 M048 21, 532 23, 018 24, 500 Okaloosa) 30% 13, 920 15,900 17, 910 19,890 21, 480 23,070 24, 660 2E,250 33% 15. 312 17.4911 18,701 21, 879 23.x328 25.377 27. 128 28, 675 3504 16,240 18, 550 20, 895 23, 205 25,00 26,9115 28, 770 30,625 40% Mr.80 21, 200 23, 880 28,1520 29X4. 0 30, 780 32, 863 35.000 45% 20, 8803 23,850 26, 865 29, 835 32, 220 34,605 36,990 39, 375 61x.+ 6 27,27, 840840 31.31. 800800 35 821? 39,39, 780780 1 42,42, 990990 1 49, 140 1 49,49, 320320 1 5252 500500 Me& an: 8.3, 3400 80% 80% 37, 120 42,4130 47,780 53, 040 57, 2845 1, 520 1,5, 7& D 70, 000 14C% 14C% 14C% I 616. 616.616. 950 950950 I 74, 74,74, 200 200200 I 1S3, 1S3,1S3, 5&} 5&} 5&} I 92',820 92',92', 820820 I t,t, 770.0.240 70. 240240 I, 107A50 107A50107A50 1 115,080 115,115, 080080 I 122.500 122.122. 500500 MaximumMaximum incomes Maximum incomesincomes vary varyvary by byby household householdhousehold size. size.size. The TheThe largest largestlargest unit unitunit offered offeredoffered by byby the thethe subject subjectsubject isisis aaa four fourfour - --bedroom bedroombedroom apartment.apartment. apartment. Generally,Generally, four Generally, fourfour - --bedroom bedroombedroom units unitsunits do dodo notnotnot accommodate accommodate accommodate more moremore than thanthan eight people.people. An eighteight people. AnAn annual annualannual householdhousehold income household incomeincome ofofof$ $$70, 70,70, 000 000000 represents represents represents the