Al-Khafaji details affordability framework and sales prices for existing and new residents
Al-Khafaji explains that existing tenants earning under 80% AMI pay $250 to purchase units, those above 80% AMI pay $2,500, and vacant unit prices are set affordable to 80% AMI with mortgage plus maintenance capped at one-third of income.
To speak on the affordability of these units, existing tenants will pay $250 if they are earning up to 80% of the area median income.
Residents that earn more than 80% of the area median income will pay $2,500 to purchase their converted units.
Existing residents will not
obtain any personal mortgages for the purchase of their units.
For the 14 new purchasers of the currently vacant units, purchase prices will be set affordable to 80% of the area median income.
These prices are set so that the purchaser's personal mortgages plus monthly maintenance plus utilities will not exceed roughly one-third of their income to remain affordable.
The area median income for a family of three in 2026 is shown here on the slides.
Next slide, please.