Cal. Code Regs. Tit. 21, § 1481.2 Affordable Price

• Library: California Code of Regulations
• Edition: 2023
• Currency: Current through Register 2023 Notice Reg. No. 52, December 29, 2023
• Citation: Cal. Code Regs. Tit. 21, § 1481.2
• Year: 2023

(a) Affordable Price Buyer. Only Occupants who meet the criteria described in § 21undefined1481(b)(1) or § 21undefined1482(b)(1) may purchase a Single-Family Residence at an Affordable Price. An Occupant who has purchased a property at an Affordable Price is an Affordable Price buyer.

(b) One Property Limit. An Affordable Price buyer may not purchase more than one property pursuant to this chapter.

(c) Calculating Affordable Price

(1) "Affordable Price" is the greater of an Occupant's Calculated Affordable Price and the Minimum Sales Price for the property. If the greater of the Calculated Affordable Price and the Minimum Sales Price exceeds the Fair Market Value at Time of Purchase, then the Fair Market Value at Time of Purchase is the Affordable Price.

(2) "Calculated Affordable Price" is the maximum price at which the Housing Cost to be paid by an Occupant would not exceed the Affordable Housing Cost for such buyer while applying the market interest rate over a fully amortized 30-year term. For Lower Income Households the price for residential property shall not be greater than the amount that would result in the buyer's monthly payments exceeding that portion of the buyer's household adjusted income, as determined in accordance with the regulations of the United States Department of Housing and Urban Development issued pursuant to Section 21undefined8 of the United States Housing Act of 1937.

(3) "Housing Cost" of an Occupant purchasing a Surplus Residential Property is calculated in accordance with the provisions of 25 Cal. Code Regs. § 21undefined6920.

(4) "Affordable Housing Cost" is calculated in a manner consistent with the provisions of Health and Safety Code § California Health and Safety Codeundefined50052.5 as implemented by 25 Cal. Code Regs. § 21undefined6924. For purposes of this chapter, "Affordable Housing Cost" shall not exceed the following (A) With respect to Lower Income Households Housing Costs up to 25 percent of gross household income; or (B) With respect to Moderate Income Households, Housing Costs up to 30 percent of gross household income or (C) With respect to Above-Moderate Income Households, Housing Costs up to 30 percent of gross household income.

(d) Repairs....