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P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 10 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 10 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 10 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 10 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 10 of 10 <br /> <br />which lenders are selected on a random basis by BAAHA or from <br />commercially reasonable data. Housing expense is defined as the sum of <br />the annual mortgage payment (including principal and interest), and annual <br />payments for taxes, homeowners association dues, insurance, property <br />maintenance and repairs, a reasonable allowance for utilities according to <br />the Alameda County Housing Authority Utility Financial Allowance Chart <br />which is periodically updated and amended, and any secondary financing <br />(but excluding any portion of the aforementioned expenses covered by <br />homeowners association dues). To determine the ratio, this sum is divided <br />by gross annual income. <br />vi.Homeowners Insurance. Calculated as the mean average of the annual <br />cost of insurance quoted by two or three local brokers, or BAAHA may use <br />commercially reasonable data, based on their experience, for a housing <br />unit of the price, room configuration, location, construction material and <br />structure type of the subject For-Sale Affordable Unit. Flood insurance <br />costs, if required, shall be calculated by this same method. <br />vii.Private Mortgage Insurance. The mean average of the annual cost of <br />private mortgage insurance quoted by two or three local lenders, or BAAHA <br />may use commercially reasonable data, based on their experience, for a <br />housing unit of the price, location, and structure type of the subject For- <br />Sale Affordable Unit. <br />viii.Taxes. The tax rate as reported by the Alameda County Assessor’s Office. <br />ix.Homeowner’s Dues. Reported by the Owner and as set forth in the Public <br />Report issued by the California Department of Real Estate for the Project. <br />x.Down Payment. Cash portion paid by a buyer from buyer’s own funds, as <br />opposed to that portion of the purchase price which is financed. For the <br />purpose of calculating the Sales Price, the down payment will be defined <br />as the mean average of the smallest down payment required by the two or <br />three local lenders surveyed, or BAAHA may use commercially reasonable <br />data. The down payment shall be at least a commercially reasonable <br />minimum.