Lounge of Tomorrow - Because there aren't enough homes in Irvine..

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- - Because there aren't enough homes in Irvine.. (http://74.208.121.111/LoT/showthread.php?t=6303)

Quote:

Originally Posted by CoasterMatt (Post 152522)

Where will these people work? That doesn't seem to matter, so long as the developers keep funding the campaigns...

Well, they will need stores won't they? ;)

Here's some info I posted on my blog recently about definitions of "low income":

Quote:

Here is a document that lists, amongst other valuable information, the SCHFA-CalHFA income limits for low- and moderate-income first-time homebuyer programs. But just in case you haven't looked at that document yet, I thought maybe I should post that information directly for you:

Moderate Income (for existing/resale and new homes):
$82,326 for 1 or 2 person households
$94,675 for 3 or more person households

Low Income (for existing/resale homes only):
$49,396 for 1 or 2 person households
$56,805 for 3 or more person households

Low Income (for new homes only):
$57,628 for 1 or 2 person households
$66,272 for 3 or more person households

While I'm at it, I should point out that their definition of a first-time homebuyer is not necessarily someone who has never owned a home before... it is someone who has not owned a home in the last 3 years. So if it has been at least 3 years since you owned a home, you are considered a first-time homebuyer for the purposes of their program.

"Low income" and similar designations are usually defined in relative terms to Area Median Income (AMI) not absolute terms. When I worked in community construction lending at Wells Fargo (dealt with tax credit-subsidized construction loans for MFR and SFR developments) we were sometimes involved in $500,000 homes that were "low income" because they were affordable to people earning 60% (or something like that) of the area median income (we also did truly affordable housing in the Tenderloin though it still wouldn't be considered afforable in Mississippi).

So "affordable housing" in Irvine has a completely different meaning than in Truckee than in BFE, Mississippi, than in Bel Air.

Yeeeech I am not even at a moderate income. I need to start looking for a rich man one of these days.