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Pleasanton Comprehensive Fee Update and Nexus Study November 2024
<br /> Table 29 Affordable Home Values
<br /> Very Low Low Moderate
<br /> Income Income Income
<br /> Item (50%AMI) (60°n/vf.'lIi (1?C; ; i i 1)
<br /> Rental Multifamily Apartments
<br /> Maximum Household Income' $62,300 $74,730 $149,500
<br /> Income Areiable for Housing Costs/Year2 $15,528 $19,257 $41,688
<br /> (less)Operating Expenses per Unit/Year3 ($7,500) ($7,500) ($10,000)
<br /> Net Operating Income $8,028 $11,757 $31,688
<br /> Capitalization Rate4 5% 5% 5%
<br /> Unit Value 5 $160,560 $235,140 $633,760
<br /> Ownership Condominiums
<br /> Household Income' 556.060 $70,075 $154,165
<br /> Income Aveiable for Housing Costs/Year's $19,621 $24,526 $53.958
<br /> Supportable Mortgage7 $98.569 $147,861 $436,880
<br /> Supportable Home Price' $103,800 $155,600 $459,900
<br /> Ownership Townhomes
<br /> Household Income' $77.850 $93,420 $171,270
<br /> Income Aveiable for Housing Costs/Yeara $27.248 $326,697 $59,945
<br /> Supportable Mortgage7 $174.719 $229,478 $482,955
<br /> Supportable Home Price' $183,915 $241,556 $508,400
<br /> Ownership Single Family Detached
<br /> Household Income' $67,260 $84,075 $184,965
<br /> Income Aveiable for Housing Costs Years $23.541 $29,426 $64,738
<br /> Supportable Mortgage7 $114,242 $173,380 $520,164
<br /> Supportable Home Price8 $120,300 $112,500 $547,500
<br /> (1)Reflects 2024 HCD Income Limits for a two-person household for apartments,a three-person household for
<br /> condominiums,a four-person household for town homes,and a five-person household for single-family homes.
<br /> (2)Assumes that no more than 30%of a households income should be spent on housing costs for housing to be
<br /> considered affordable
<br /> (3)Operating expenses are generally based on EPS feasibility studies in the region and are inclusive of utility costs,
<br /> units at or below 80%of AM are assumed to be built as non-profit and are therefore exempt from property taxes
<br /> Property taxes are assumed to compnse a share of the operating expenses for the moderate income category
<br /> (4)The capitalization rate is used to determine the current value of a property based on estimated future operating
<br /> income,and is typically a measure of estimated operating nsk Obtained for multifamily developments in
<br /> Pleasanton and the surrounding region from CoStar.
<br /> (5)The unit value is determined by dividing the net operatng income by the capitalization rate
<br /> (6)Based on Pleasanton's Inclusionary Guideines for calculating income,this reflects that t tal housing costs
<br /> should not exceed 35%of income,and takes into account other housing-related costs,such as taxies,insurance,
<br /> and HOAfees
<br /> (7)Ass umes a 30-year mortgage and a fixed 7%interest rate
<br /> (8)Ass umes a 5%down payment.
<br /> (9)Per California Health and Safety Code Section 50052.5,incomes for households above 70%AM are set at a
<br /> lower percent of AM than the cutoff,(ex Moderate Income is 110%of AM rather than 120%).
<br /> Sources.City of Pleasanton,Alameda County Housing Authority:California Housing and Community Development
<br /> (HCD),CoStar.Economic&Planning Systems,Inc
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