20.27.020 - AFFORDABLE HOMEOWNERSHIP DEFINED
Purchasers of affordable homes constructed under this chapter shall meet the following requirements: A. Annual Income. All purchasers shall be from a household whose annual income, at the household's initial occupancy of the single-family residence, is 80% or less of the median income (determined by HUD) as adjusted by family size of the Bellingham Standard Metropolitan Statistical Area (SMSA), specifically defined as Whatcom County; and B. Housing Expenses. The monthly expenditure by a purchaser, as described in subsection A above, for housing including mortgage erpayment, insurance, taxes and utilities (water and sewer) shall not exceed 38% of the gross household income at the time of purchase and the amount for mortgage shall not exceed 30% of gross household income. All other variable living expenses associated with the resident's occupancy shall not be a factor in the calculation of affordability. [Ord. 2004-11-080]
