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Agenda - 12-07-1999 - 9c
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Agenda - 12-07-1999 - 9c
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9/18/2008 4:59:35 PM
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9/18/2008 4:59:34 PM
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BOCC
Date
12/7/1999
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
9c
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Minutes - 19991207
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\Board of County Commissioners\Minutes - Approved\1990's\1999
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9 <br />ensure that the property can be transferred at an affordable-level to the new ' <br />purchaser. The fair return to the seller in this approach will be the lesser of: <br />• The appraised market value of the property of sale minus indebtedness; <br />or <br />• The original purchase price plus cost of improvements plus increases <br />in the income index, cost of living index, or Consumer Price Index (or <br />percentage thereof) minus property indebtedness. <br />This approach is commonly used in markets where property values are likely to <br />escalate faster than incomes. <br />une a home was purchased for $120,000 six years ago with a $31,000 <br />ebuyer subsidy. Today, the appraised market value of the property for <br />is $160,000. If the CPI increased 3 percent a year (18 percent over 6 <br />s) and the family made $5,000 in property improvements, the sales <br />eeds would be calculated as follows. <br />Sale proceeds are the lesser of: <br />(a) Appraised value $160,000 <br />or <br />(b) Purchase price $120,000 <br />Cost of improvements $ 5,000 <br />One-third of CPI (3% per year) ~ 7,200 <br /> $132,200 <br />The lesser number is $132,200 which constitutes the amount for <br />which the property may be sold. <br />Resale Proceeds <br />Property. sales price $132,200 <br />First Mortgage Pay-off $ 80,000 <br />Homebuyer Subsidy Repayment <br />(assumed by the subsequent buyer) $ 31,400 <br />Net Proceeds to the Seller $ 21,200 <br />~e property is conveyed to a new low income purchaser at a lower than <br />~rket value purchase price of $132,200 and the seller is considered to <br />ve received a fair return on their investment. <br />
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