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The City, through OHCD, is authorized to promulgate regulations to implement this Chapter, including determination of affordability levels based on the criteria set forth below. The Director shall publish a pricing schedule of sales and rental prices for affordable dwelling units to be updated annually.
(1) Ownership units. The sales price for each affordable dwelling unit shall be calculated on the basis of: an available fixed rate thirty (30) year mortgage, consistent with the average rate published from time to time by Freddie Mac; a down payment of no more than five percent (5%) of the purchase price; property taxes, if applicable; home owners insurance; and condominium or homeowner association fees, if applicable.
(2) Rental units. The monthly rent for each dwelling unit in the applicable portion of the development shall be calculated on the basis of thirty percent (30%) of gross monthly income, adjusted for household size, less a reasonable allowance for utilities.