Common use of Initial Purchase Price Clause in Contracts

Initial Purchase Price. The Initial Purchase Price for the sales to the initial Qualified Owners shall be set and determined by YVHA as follows: A. The number of bedrooms in the Unit shall determine the Household size from which the AMI Income Limit will be calculated. A studio unit will use the 1- person Household Size , a one-bedroom unit will use the 1.5-person Household size. A two-bedroom unit will use the 3.5-person Household size. A three- bedroom unit will use the 5-person Household size. A four-bedroom unit will use the 6-person Household size; B. The AMI Income Limit for a Household of the size determined in subpart (a), at the applicable percentage of AMI designated for the Unit in accordance with Exhibit B, shall be determined; C. The AMI Income Limit determined in accordance with subpart (b) above shall be divided by twelve (12), and that number shall then be multiplied by thirty percent (30%), to determine the total dollar amount available to the Household on a monthly basis for the payment of principal, interest, payment protection insurance, taxes, insurance, and homeowners association dues in connection with the purchase of the Property; D. A reasonable estimate for the amounts of payment protection insurance, taxes, insurance, and homeowners association dues will be subtracted from the total dollar amount available to the Household on a monthly basis (as determined in accordance with subpart C above) in order to determine the total dollar amount available to the Household on a monthly basis for the payment of principal and interest on a mortgage loan for purchase of the Property. The estimate referred to herein will be mutually agreed to by the best information available to Developer and YVHA at the time of sale; and E. The total dollar amount available to the Household on a monthly basis for the payment of principal and interest (as determined in accordance with subpart (D) above) shall be used to determine the Initial Purchase Price, through extrapolation, by determining the maximum loan amount that said dollar amount will support, assuming a mortgage loan with a standard amortization schedule, a term of thirty (30) years, a 95% loan to value ratio, and a reasonable assumption of interest rates for a loan with the foregoing terms. As an example of the foregoing calculation:

Initial Purchase Price. The Initial Purchase Price for the sales to the initial Qualified Owners shall be set and determined by YVHA as follows: A. The number of bedrooms in the Unit shall determine the Household size from which the AMI Income Limit will be calculated. A studio unit will use the 1- person Household Size , a one-bedroom unit will use the 1.5-person Household size. A two-bedroom unit will use the 3.53-person Household size. A three- three-bedroom unit will use the 54.5-person Household size. A four-bedroom unit will use the 6-person Household size; B. The AMI Income Limit for a Household of the size determined in subpart (a), at the applicable percentage of AMI designated for the Unit in accordance with Exhibit B, shall be determined; C. The AMI Income Limit determined in accordance with subpart (b) above shall be divided by twelve (12), and that number shall then be multiplied by thirty percent (30%), to determine the total dollar amount available to the Household on a monthly basis for the payment of principal, interest, payment protection insurance, taxes, insurance, insurance and homeowners homeowner’s association dues in connection with the purchase of the Property; D. A reasonable estimate for the amounts The amount of payment protection insurance, taxes, insurance, and homeowners association dues will $ shall be subtracted from the total dollar amount available to the Household on a monthly basis (as determined in accordance with subpart C (c) above) in order to determine the total dollar amount available to the Household on a monthly basis for the payment of principal and interest on a mortgage loan for purchase of the Property. The estimate referred to herein will be mutually agreed to by the best information available to Developer and YVHA at the time of sale; and E. The total dollar amount available to the Household on a monthly basis for the payment of principal and interest (as determined in accordance with subpart (Dd) above) shall be used to determine the Initial Purchase Price, through extrapolation, by determining the maximum loan amount that said dollar amount will support, assuming a mortgage loan with a standard amortization schedule, a term of thirty (30) years, a 95% loan to value ratio, and a reasonable assumption of an annual interest rates rate determined by calculating, from data published by the Federal Home Loan Mortgage Corporation, the average interest rate, for the preceding twelve (12) months calendar years, for a loan with the foregoing terms. As an example of the foregoing calculation:thirty‐year fixed rate loan.1

Initial Purchase Price. The Initial Purchase Price for the sales to the initial Qualified Owners shall be set and determined by YVHA as follows: A. The number of bedrooms in the Unit shall determine the Household size from which the AMI Income Limit will be calculated. A studio unit will use the 1- person Household Size , a one-bedroom unit will use the 1.5-person Household size. A two-bedroom unit will use the 3.5-person Household size. A three- three-bedroom unit will use the 5-person Household size. A four-bedroom unit will use the 6-person Household size; B. The AMI Income Limit for a Household of the size determined in subpart (a), at the applicable percentage of AMI designated for the Unit in accordance with Exhibit B, shall be determined; C. The AMI Income Limit determined in accordance with subpart (b) above shall be divided by twelve (12), and that number shall then be multiplied by thirty percent (30%), to determine the total dollar amount available to the Household on a monthly basis for the payment of principal, interest, payment protection insurance, taxes, insurance, and homeowners association dues in connection with the purchase of the Property; D. A reasonable estimate for the amounts of payment protection insurance, taxes, insurance, and homeowners association dues will be subtracted from the total dollar amount available to the Household on a monthly basis (as determined in accordance with subpart C above) in order to determine the total dollar amount available to the Household on a monthly basis for the payment of principal and interest on a mortgage loan for purchase of the Property. The estimate referred to herein will be mutually agreed to by the best information available to Developer and YVHA at the time of sale; and E. The total dollar amount available to the Household on a monthly basis for the payment of principal and interest (as determined in accordance with subpart (D) above) shall be used to determine the Initial Purchase Price, through extrapolation, by determining the maximum loan amount that said dollar amount will support, assuming a mortgage loan with a standard amortization schedule, a term of thirty (30) years, a 95% loan to value ratio, and a reasonable assumption of interest rates for a loan with the foregoing terms. As an example of the foregoing calculation:.