HomeMy WebLinkAboutbocc.res.044.1981 !
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RESOLUTION 6F THE BOARD OF C{1MMISSIONERS
OF THE PITKIN COUNTY.40USIN6 AUTHORTTY .
ESTABLISHING THE 1981 HOUSING AUTHORITY
QtJALIFICATIOMS AND GUIDELINES FOR LOW, MODERATE �R
,AND MIDDLE INCOME OWNERSNIP AND RENTAL HOUSING PROJECTS `i
Resolut9on No. 81- �`4 `;
WHEREAS, the Authority is required to annua7ly esta61is6 quaiifications
for participation in Tow. moderate and middle i�come ownership and renta] -
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�: housing projects, as well as housing price guidelines for low, moderate and �
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middle income units, and '
. � WHEREAS, the Director of the Housing Authorjty has made recomnendations
�• with respect to such quaiifications and guidelines and the Board of
�'
� Commissioners of the Authority wishes to adopt the same, ''�
�;
� NOW, THEREFORE, BE IT RESOLVED by the Board of Cortanissioners of the
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�, � Pitkin County Housing Authority that the following con�titute the Authority's
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� 4� qualifications for low, moderate and middle income housing projects
within the Authority's jurisdiction ar control: ;>:�
1. Persons shail not exceed the following maximum combined (family) +;�
household income per year (less a7imony and child support payments paid}:
INCOME RANfE STUDIO 1 BEDROOM 2 BEDROOMS 3 or 4 BEDR00MS
Low 0-4,350 0-13,420 0-79,800 0-23,925
Moderate 8,500-13,750 �Z,p00-20,625 18,000-27,500 21,750-36,025
Middle 12,500-27,50� 18,750-31,350 25,000-48,400 32,750-63,8Q0
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2. Applicants of 62 years of age or greater shall be reviewed
according to the current income and residency guidelines for senior citizens
adopted annually by the 8oard of County Comnissioners.
3. Household assets shall not exceed 150% of the purchase price of
the unit. Assets shall include all fixed and liquid assets, excluding personal �
effects. Assets shall include all professional and husiness equity for both k
self emp7oyed persons and investors. 1
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4. Al1 persons shall be residents and employees in Pitkin County and ` '
:;
shall receive priority according to the following schedule: ='� �
(a) Residents of five j5) or more years with a minimum occupancy #
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of one resident per bedroom. �
(b) Two {2) to five (5) years residency with minimum occupancy.
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} (e) Two (2) or more years of residency without minimum occupancy.
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(d) Fewer than two (Z} years of residency with minimum occupancy.
If there remain unsold units withi,n a project, the two year period i
may be reduced by six (6) month intervals until all units are sold. For
the purpose of this section, minimum occupancy is defined as one person �
- (with an ownership interest, or party to a lease if a rental project ) j
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per bedroon; and maximum occupancy is defined as not exceeding two !
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persons (each with an ownership interest or party to a lease if a �
rental project) per bedroom. The minor children of a person with an �
� ownership interest (or party to a lease if a rental project) is granted
the same status as his or her parent for the purposes of this section. �,
� For the purpose of assigning priority, the highest number of years �
. �., �
�: of residency held by a spouse, any person acquiring an ownership in-
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'; terest, or signing a lease (if a renta2 project) will determine into �
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, �� which category the applicants will be assigned.
'�s`�� The period of residency need not be continuoas and need not be im- �'
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mediately prior to the date of application.
� �` 5. Persons who work in the Count full time but live outside the
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i County shall be considered residents.
; 6. All persons shall be full time employees from the date of occu-
pancy; provided that this requirement shall not apply to spouses (and
` intended spouses) of current owners and persqns sixty-two (62) years
. _.
of age and older.
7. The following shall have preference and enjoy such in the follow-
8
;� ing priority:
(a) Persons with an ownership interest (joint or tenants in common)
in the unit provided that they have lived in the unit for at
least one (1) year prior to conveyance_ This section shall not
apply when the sale of one owner's interest to another is an �
exempt transfer under the resale agreement. The purchase price
fc�this interest must be equal to ox qreater than a11 other �
1
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bids offered (but not exceeding the maximum appreciation) . ; !
(b) Person(s) chosen by the remaining owner(s) to purchase the � `
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interest of another owner provided that he (they) make a bid 4
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equal to or greater than all other bids received {not exceeding '
the maximum appreciation) and all owners (subsequent to sale)
will meet a11 current qualifications for a household.
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� (c) Spouses and intended spouses of current owners. (The Authority
may require assurances of an intended marriage and require the . � ' `
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�, intended spouse to relinquish his or her interest in a unit if ;
� the marriage does not occur). s
(d) Any owners of housing under a Housing Authority ResaTe Agreement � ,
- "�^� specifical7y giving the owner a priority over other app]icants ;
for Authority housing units. +
{e) Those applicants who have been tenants on the site of a new ;
employee housing project and shall be displaced due to the �
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construction of the new project or the conversion of an existing �t
project, provided that: j�t
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1) The tenants have lived on the site or in the units �,
; for a minimum of six (6) months before the starting
date of construction, conversion, or approval for
� conversion; �
�' 2) The tenants meet all other qualifications pertaining �
. ' to the project. �
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8. Debit/income ratios, inciuding all iiabilities, shall be consistent
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��� with standarcisestablished by Federal Home Loan Mortgage Corporation (FHLMC) °
which are: 25-28X of total income al7ocated for servicinp housing debt "
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and related obligations; 33-35% of total income for all serviceable debt
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and ob7igations which includes current obligations added to loan ]iability
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for the purpose of calcu7ating and adjusting the Minimum Required Household �
Tncome (M.R.H.I.), �
9. Unless specifically exempted by these guidelines, all persons
having an ownership interest shall meet these qualifications and all units :�,
shall be owner-occupied. �oint tenancy and tenancy in common shall be per- i
.�
mitted with other forms of joint ownership permitted only on special review �'
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of the Authority. ;5,
10. All transactions regarding the conveyance of any of these types
of unit shall be subject to the Resale Agreement. �
11. For the purpose of applying these guidelines:
(a} Assets and equity shall be defS�ed in accordance with Federal �
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Tax regulations concerning oroperty, bonds, interest, etc. 'i, •`
Income is Adjusted Gross Income as defined in Internal Revenue ' �
Service (I.R.S.) requlations, �
� �
(b) Proof of residency and employt�ent shall consist of: '' �
�.
(1) Employee verification - (W-2 income, Federal Tax ',�
;�:
return forms 1040/1Q40A for financial information).
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' (2) Employer verification. _--
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.. __...._.... . _. __ _ _.... (3) Landlord verification (proof of residency, physical address). ,
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(4) *Valid Colorado Driver's License (address, issue date}, "•
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(5) *Post Office Box. �
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(6) *Teiephone (date of installation, person listed to). �
(7} *Vehicle insurance and registration.
(8) *Voter registration. �
(c) Employment and residency shall be averaged for a minimum requirement i
of nine (9) months employment and residency. (7hirty (30) hours
per week divided by forty {q0) hours/fu11 time week = 75K; '��
� 12 months x 75% = 9 months). ��5
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(d) Applicants shall be reviewed according to the fo17ow1ng financial
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, criteria: 1�
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(1) Applicant must provide two (2) years of Federal tax returns �
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and income statement and balance sheet.
' (2) No greater than a 20% discrepancy will be accepted between �
. ;I
�. income reported on tax returns and current income statement, without
i� thorough documentation of the discrepancy due to wage increase, 1��
change in positions, etc.
(3) Co-signers will be approved on a very selective basis,
� provided that the co-signer actually participates in monthly 4
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-;� loan payments and has a history of doing so. `•�
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� ''" *Optional methods. `��'
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BE IT FURTHER RESOLVED by the Board of Commissioners of Pitkin County ;�
Housing Authority, that it does hereby adoat for the year of 1a81, the following {.
price guidelines for sale and rental low, moderate and middle income units: �
INCOME AND PRICE GUIDELINES - 1981
;i:�.
INCOME { �
RANGE STUDIO 1 BEDROOM 2 BEDROOP1S 3 or 4 BEDROOMS
Low 0--9,350 0-13,420 0-19,800 0-23,925 �3 �
Moderate 8,500-13,750 12,200-20,625 18,000-27,500 21,750-36,025 `'i
Middle 12,500-27,500 18,750-31,350 25,000-48,400 32,750-63,800 -3 '
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LOW MODERATE MIDDLE a �
RAW LAND/LOTI A �
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(allowed price ;
per square foot) .54 .67 •$Q �
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LOW MODERATE MIODLE r
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CONSTRUCTED UNITS
(aitowed price
per square foot)
, SALE52 $54 $68 $83
RENTAL3'4 .47 .58 .75
_ � �
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MINIMUM/MAXIMl1M SQUARE FEET:
Studios: 400-600 Sq.Ft.
1 Bedraom: 500-800 Sq.ft.
� 2 Bedroom: 700-1100 Sq.Ft. �
3 and 4 Bedroom: 1000-1300 Sq.Ft. �
� NOTES:
1 Raw land and lot prices include cost of roads, access easements,
& and all uti.iities to site. Credit wi17 be given for raw land
� and lot contributions on the basis of current zoning (ie: in an �
AF-2 zone, a contribution of 2 acres equals 1 employee site).
'�� 2 and 3
- - Square foot allowance is catcuiated on Tiving area only. Rental
s�r rates rounded to nearest $5. Sale prices rounded to nearest $100.
;� 4 Rental prices include all comnron utilities.
Approved by the Board of County Commissioners of Pitkin County,
Colorado, this $T� day of J�E , 7481.
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_ BOARD OF COUNTY COMMISSIONERS �.�
PITKIN COUNTY, COLORADO
A7TES • �
;; �,9� sY.���-�.��� ,;�
�, Ro ert Td. Chifid �
Lewis Scan an Chairman �
Deputy Clerk and Recorder a
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APPROVED AS TO FORM: � I
'�ClOrsri�.,��/�6T-/�� !a.
~ a�n�a M. Stuff�er i� �
A%' County Attorney f';
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