Memo Attachment - Example Calculations for SFHP

Extracted text

Updated Ordinance Example Calculations
2025 FMR Numbers and example unit numbers:
BR Size
2025 FMR as determined
by HUD
# Units Total Aff'd Units
Required
Studio $1,235 0 0.00
1 BR $1,368 54 8.10
2 BR $1,627 67 10.05
3 BR $2,057 18 2.70
139 20.85
*The FMR remains the same for both the current calculation and the proposed calculation
Under current ordinance using 65% AMI for fee-in-lieu calculation:
BR
Size Santa Fe Aff'd Rent** Base Gap Adjusted Gap (100% )after
July 1, 2024
Studio
$ 1,133.00
$
102.00
$
204.00
1 BR
$ 1,133.00 $235
$
470.00
2 BR
$ 1,294.00 $333
$
666.00
3BR
$ 1,456.00 $601
$
1,202.00
Fee Per Month Project Fee**
$0 0
$3,807.00 $91,368.00
$6,693.30 $160,639.20
$3,245.40 $77,889.60
Total: $13,745.7 Project Total: $329,896.80
*Fee per month = adjusted base gap x number of affordable units

* Project fee = fee per month x 24
Under proposed ordinance change using 30% AMI for fee-in-lieu calculation:
BR
Size Santa Fe Aff'd Rent** Base Gap Adjusted Gap (100% )after
July 1, 2024
Studio $
523.00
$
712.00
$
1,424.00
1 BR $
523.00
$
845.00
$
1,690.00
2 BR $ 598
.00
$
1,029.00
$
2,058.00
3BR $
673.00
$
1,420.00
$
2,840.00
Fee Per Month Project Fee**
$0 0
$13,689.00 $328,536.00
$20,682.90 $496,389.60
$7,668.00 $184,032.00
Total: $42,039.90 Project Total: $1,008,957
*Fee per month = adjusted base gap x number of affordable units
* Project fee = fee per month x 24