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What is the allowed sales price of housing assisted with CDBG and HOME funding?

April 26, 2017allowed assisted cdbg funding Home HOUSING price sales

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What is the allowed sales price of housing assisted with CDBG and HOME funding?

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For homes reserved for sale to low and very-low income buyers, the Commission uses a formula to establish the affordable sales prices. The formula, which limits monthly housing costs to approximately 30% of the maximum monthly income for the size of household assumed to reside in a particular unit (i.e., the number of bedrooms plus one), assumes a 10% down payment and considers the monthly mortgage payment(s), private mortgage insurance, property taxes, home owner’s insurance, and, if applicable, homeowner’s association dues.