§ 10-8.303. Ownership Housing Units.

Latest version.

(a)

The total mortgage payments for those units in a home ownership housing development designated for very-low-income households or low-income households shall not exceed the criteria specified for maximum rents in Section 10-8.302. Total mortgage payments include principal, interest, taxes, insurance, assessment district fees, and homeowner association fees, if applicable.

(b)

The total down payment, excluding closing costs, for the affordable units, shall not exceed ten (10) percent of the purchase price.

(c)

The provisions of this Section shall be included in the density bonus agreement, and shall run with the land for the term of affordability.

                    
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