Agenda - Planning Commission - 04/20/2015 - Special

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Changes to the lettering of the Appendices: Appendix BD:Chronology of Regional Housing Policy and Implementation(p. 119) Appendix CE: Senior Housing Types and Arrangements (p. 121) Appendix DF: Glossary of Affordable Housing Terms, Programs, and Funding Sources (p. 123) Appendix EG: About the Housing Policy Plan Indicators (p. 136) i This forecast looks at new households earning less than 80% of AMI and excludes seniors who own their home free and clear and are not cost-burdened. Including those, the number is73,60056,400. ii For a full definition of entitlement communities, see the Glossary inthe Appendices.)Entitlement communities in our region are Anoka, Dakota, Hennepin, Ramsey, and Washington counties and the cities of Bloomington, Coon Rapids, Eden Prairie, Minneapolis, Minnetonka, Plymouth, Saint Paul, and Woodbury. iii This forecast looks at new households earning less than 80% of AMI and excludes seniors who own their home 73,60056,400. free and clear and are not cost-burdened. Including those, the number is iv Affordable home prices are Metropolitan Council staff calculations of the purchase prices at which estimated monthly mortgage payments—including principal, interest, property taxes, and insurance—are no more than 29% of the monthly income for a household of four with the given income.The Council assumed a 3.97% interest rate (the Midwestern average for 2013) and other standard mortgage assumptions: a 3.5% downpayment, a property tax rate of 1.25% of property sales price, mortgage insurance at 1.35% of unpaid principal, and $100/month for hazard insurance.Household income values are the income limits for 2013 calculated by the U.S. Department of Housing and Urban Development based on the median family income for the 13-county Minneapolis-Saint Paul- Bloomington metropolitan statisticalarea. Page - 54|METROPOLITAN COUNCIL