A. Allowable Sales Prices. The Planning Department shall set maximum allowable purchase prices for inclusionary units, adjusted by the number of bedrooms. In the case of for-sale units, applicants shall provide a written statement setting forth the maximum sales price, projected monthly mortgage payment, and down payment for each required unit. Such maximum allowable purchase prices shall be set such that qualified occupants pay no more than 30 percent of the gross monthly household income. The cost of utilities, property taxes, insurance, homeowner’s dues, and the like shall not be included in the calculation of housing costs.

B. Down Payment. Any required down payment shall be limited to no more than 10 percent of the purchase price.

C. Allowable Rental Prices. The maximum allowable rental rate for inclusionary units shall be determined by the Planning Director, adjusted by the number of bedrooms. Project applicants shall provide a written statement setting the maximum rental rates. The maximum allowable rental rates shall be set such that qualified occupants pay no more than 30 percent of the gross monthly household income toward rent. The cost of utilities, property taxes, insurance, homeowner’s dues, and the like shall not be included in the calculation of housing costs. (Ord. 1111, 2018)