We have developed a set of template documents to assist Monitoring Agents in carrying out their responsibilities under the Low and Moderate Income Housing Act. While Monitoring Agents are not required to use these documents, doing so provides consistency for municipalities and developers creating Low and Moderate Income homes under the Act.
Note: These documents may be updated from time to time.
Purchase Price Calculator
RIHousing provides a purchase price calculator for determining the maximum sales price of a deed restricted affordable home.
There are two calculators that can be used. The first is for condominium developments, and the second is for non-condominium developments. Choose one:
Purchase Price Calculator for Condo
Purchase Price Calculator for Non-Condo
Instructions for using the Purchase-price Calculator:
- Choose the Purchase Price Calculator from above.
- In the upper left corner of the calculator, use the drop down menu to choose the municipality your project is located in.
- Under ‘Gross Monthly Income,’ insert the appropriate monthly income from the Gross Monthly Income chart located to the right of the calculator (Please note: the household size used should include one more person than the number of bedrooms (e.g.: the purchase price for a two-bedroom home should be calculated using a three-person household median income)).
- If applicable, insert the proposed monthly condo fee for the deed-restricted homes.
- Enter the current interest rate: Freddie Mac Primary Mortgage Market Survey 30-year fixed-rate average as of 01/16/20 is: 3.65%
- The maximum purchase price should automatically calculate.
- If you receive a circular reference warning, go to: File, choose Options, click on Formulas and check the box that enables iterative calculations.
- RIHousing maintains the current approved data in the other fields such as property tax and mortgage insurance rates, therefore you should not save this calculator and reuse. A new calculator should be downloaded each time a maximum sales price needs to be determined.