R-8697
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CA:RAD:JP:PB:RB\incbase\pc
City Council Meeting 12/14/93
Santa Monica, California
RESOLUTION NUMBER 8697
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA ESTABLISHING
THE MAXIMUM ALLOWABLE SALES PRICE AND
MAXIMUM ALLOWABLE RENTS
FOR THE INCLUSIONARY HOUSING PROGRAM
WHEREAS, the City Council of the City of Santa Monica
adopted Ordinance Number 1615 (CCS) on March 3, 1992 amending
Chapter 4A of the Municipal Code relating to the Inclusionary
Housing Program; and
WHEREAS, Santa Monica Municipal Code Section 9.28.100
provides that the City Council by Resolution shall establish and
adjust on and annual basis the maximum sales prices and maximum
allowable rents for inclusionary units under the Inclusionary
Housing Program.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1.
The maximum sales prices and maximum
allowable rents for inclusionary units under the Inclusionary
Housing Program are shown in Exhibits 1 and 2 respectively
attached hereto and incorporated herein by reference.
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SECTION 2.
The City Clerk shall certlfy to the adoptlon
of this Resolution, and thenceforth and thereafter the same
shall be in full force and effect.
ciPROVED AS/fO FORM:
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J seph Lawrence,
ting City Attorney
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EXHIBIT 1 CALCULATION OF MAXIMUM SALES PRICE
Median Income
Affordablllly Stal1dard
Rate
Term
Unit
Bed. Adj.
LOW INCOME UNITS
Percent of Median
Annualmcome
Affordable Housmg Cost
Homeowner AssocIation Fees
Property Taxes
PMI
Affordable Mortgage Payment
Affordable Mortgage
Downpayment @ 10%
Sales Price @ 10o/n downpaymenl
MODERATE INCOME UNITS
Percenl of MedIan
Annual Income
Affordable Housing Cost
Homeowner AssocIation Fees
Property Taxes
PMI
Affordable Mortgage Payment
Affordable Mortgage
Downpaymenl @ 10%
Sale Price @ 10% downpaymenl
10-4-33
$48.300
30%
7455%
300
Unadjusted
1
o bed
070
2bed
095
3 bed
1 085
1 bed
080
60 00%,
$28.980
725
200
64 !
25
I
436
62.590 I
!
6,954 i
$69:545 I 48.661 55.636 66.068' 75,456
100 OO%i
$48.300 i i I
I I !
I
i.208 i I
! 200 i I I I
I 122 I I I , !
48 i I i
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i
837 i
120.~29 i
I
13.359 I
$133,5a7, 93.511
r
! I r
106.870 ! 126.908 i 144.942 i
EXHIBIT 2 MAXIMUM ALLOWABLE RENTS
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Maximum Income
Unadjusted Rent
o 8edroom
1 Bedroom
2 Bedroom
3 Bedroom
10-5-93
Bedroom
Adjustment
MaXlIllurn Rent
Low Income
$28,980
$725
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MaXUllulII Rent
Moderate Income
$48.300
$1,208
0700 I $507 ! $845
0800 I $S80 I $966
0950 ! $688 I $1.147
1085 I $786 I $1,310
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Adopted and approved this 14th day of December, 1993
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I hereby certify that the foregoing ResolutIon No. 8697 (CCS) was duly adopted at a
meetmg of the City Council of the City of Santa Momca on the 14th day of December, 1993
by the following vote:
AYES Counctlmembers Genser, Holbrook, Olsen, Rosenstem. Vazquez,
Mayor Abdo
NOES: Councilmembers' Greenberg
ABSTAIN: Councllmembers. NONE
ABSENT Councllmembers: NONE
ATTEST.
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~ CIty Clerk /