§ 1481.2. Affordable Price.
21 CA ADC § 1481.2Barclays Official California Code of RegulationsEffective: July 3, 2023
Effective: July 3, 2023
21 CCR § 1481.2
§ 1481.2. Affordable Price.
(1) “Affordable Price” is the greater of an Occupant's Calculated Affordable Price and the Minimum Sales Price for the property. If the greater of the Calculated Affordable Price and the Minimum Sales Price exceeds the Fair Market Value at Time of Purchase, then the Fair Market Value at Time of Purchase is the Affordable Price.
(2) “Calculated Affordable Price” is the maximum price at which the Housing Cost to be paid by an Occupant would not exceed the Affordable Housing Cost for such buyer while applying the market interest rate over a fully amortized 30-year term. For Lower Income Households, the price for residential property shall not be greater than the amount that would result in the buyer's monthly payments exceeding that portion of the buyer's household adjusted income, as determined in accordance with the regulations of the United States Department of Housing and Urban Development issued pursuant to Section 8 of the United States Housing Act of 1937.
Credits
Note: Authority cited: Section 54237, Government Code. Reference: Sections 54235, 54236, 54237 and 54237.7, Government Code; and Article XIX, California Constitution.
History
1. New section filed 12-13-2021 as an emergency; operative 12-13-2021 (Register 2021, No. 51). Pursuant to Government Code Section 54237.10, this is a statutorily deemed emergency and the emergency language remains in effect until 12-14-2023. A Certificate of Compliance must be transmitted to OAL by 12-13-2023 or emergency language will be repealed by operation of law on the following day.
2. Pursuant to Government Code section 54239.5(e)(3), as added by Senate Bill 959 (Stats. 2022, Ch. 668), a Certificate of Compliance must be transmitted to OAL by 9-30-2024 or language of the emergency order of 12-13-2021 (Register 2021, No. 51) will be repealed by operation of law on the following day (Register 2023, No. 27).
This database is current through 6/14/24 Register 2024, No. 24.
Cal. Admin. Code tit. 21, § 1481.2, 21 CA ADC § 1481.2
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