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which 4-person households can qualify to purchase one of the 16 units, <br /> results in 112% of median income being the low end of the affordability <br /> range. <br /> <br />3. The "moderate income" buyers shall be required to make a 10% <br /> <br /> . downpayment; Kaufman and Broad Mortgage Company will provide a 90% <br /> <br /> 30 year amortizing first mortgage to such buyers. <br /> <br />4. The price of each of the 16 moderate Income units is to be set at $219,000, <br /> which is the approximate price at which such units will also be offered to <br /> market rate buyers. Of course, the favorable financing described in item 2, <br /> above, has the effect of reducing the actual monthly cost of the "moderate <br /> income" units. <br /> <br />5. All buyers shall be "moderate Income" households. <br /> <br />6. "Moderate income" households shall be defined by HUD regulations for the <br /> most closely related moderate Income program, including adjustments for <br /> household size, use of the Oakland PISA Incomes, and treatment of assets. <br /> <br />7. Buyers' household size shall not exceed the maximum allowed by HUD <br /> regulations. <br /> <br />8. Although percent of buyer Income going towards housing cost shall be <br /> determined by the lender, the City shall establish 35% of gross income as a <br /> guideline for maximum allowable housing cost. <br /> <br />9. All buyers shall be owner-occupants. <br /> <br /> 10. All buyers shall be first-time home buyers. <br /> <br /> <br />