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The listed timeframes are an estimation of the rate <br />of expenditure and encumbrance of funds allocated <br />by the State SHIP Program. The actual rate of <br />expenditure and encumbrance may be greater than or <br />less than the rate indicated. <br />5. Housing Unit Sales/Purchase Price <br />The expected average sale/purchase price for new and existing <br />housing units to be assisted via the IRCLHAProgram are listed <br />as follows: <br />Price in Dollars <br />Unit Size New Existing <br />1 bedroom 50,000.00 40,050.00 <br />2 bedroom 60,000.00 55,000.00 <br />3 bedroom 75,000.00 67,000.00 <br />4 bedroom 92,000.00 82,000.00 <br />At no time shall the sale/purchase price for new or existing <br />housing units provided or acquired with assistance from the <br />IRCLHAProgram shall exceed ninety percent (908) of the median <br />area purchase price for new and existing housing units for <br />Indian River County. These median area purchase prices shall <br />be the amounts established each year by the United States <br />Department of Treasury, in accordance with Section 3(b)2 of <br />the United States Housing Act of 1937. The maximum unit <br />sales/purchase price shall be adjusted accordingly each year. <br />For the ® 1991L4-19 95 operating year of this Plan, the <br />median area purchase prices for Indian River County are as <br />follows: <br />New Unit Maximum Purchase Price: $95,400.00 <br />Existing Unit Maximum Purchase Price: $83,160.00 <br />The median area purchase price utilized for application review <br />shall be that price which is in effect at the time an eligible <br />person or sponsor applies for participation in the <br />IRCLHAProgram. <br />6. Housing Unit Rental Rates <br />Rental rates for housing units provided or acquired with <br />assistance from the IRCLHAProgram shall conform with the fair <br />market rental rates adjusted for housing unit size and <br />established annually by the United States Housing and Urban <br />Development (HUD) Section 8 Program for housing units in <br />12 <br />