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K. Purchase Price Limits: Section 420.9075(4)(c), F.S. and — Chapter 67-37.007(6)F.A.0 The sales price or value of new or existing eligible housing may not exceed 90% of the average area purchase price in the statistical area in which the eligible housing is located. Such average area purchase price may be calculated for any 12 -month period beginning no earlier than the fourth calendar year prior to the year in which the award occurs. The sales price of new and existing units may not exceed 90% of the average area purchase price established by the U.S. Treasury Department or as described above. The methodology used is: Independent Study (copy attached) X U.S. Treasury Department Local HFA Numbers The purchase price limit for new and existing homes is shown on the Housing Delivery Goals Charts L. Income Limits, Rent Limits and Affordability: Chapter 67-37.005(5)(e), F.A.C. and Section 420.9071(2), F.S. The Income and Rent Limits used in the SHIP Program are updated annually by the U.S. Department of Housing and Urban Development and distributed by Florida Housing Finance Corporation. Affordable means that monthly rent or mortgage payments, including taxes and insurance do not exceed 30 percent of a household's gross income as indicated in Sections 420.9071 (19), (20) and (28), F.S. It is, however, not the intent of this plan to limit an individual household's ability to devote more than 30% of its income for housing. Consequently, housing for which a household devotes more than 30% of its income shall be deemed affordable if the institutional lender providing the first mortgage is satisfied that the household can afford mortgage payments in excess of the 30% benchmark. In the case of rental housing, the amount of rent shall not exceed the rental limits adjusted for bedroom size as published in rent schedule by Florida Housing Finance Corporation. M. Welfare Transition Program: Chapter 67-37.002(22),F.A.C. The county shall give priority to clients from the Welfare Transition and Workforce Development Initiatives programs in the selection process. N. Monitoring and First Right of Refusal: Section 420.9075(3)(e)and(4)(/),F.S. In the case of rental housing, the county SHIP staff or the entity that has administrative authority for implementing the local housing assistance plan assisting rental developments shall annually monitor and determine tenant eligibility or, to the extent that another governmental entity provides the same monitoring and determination, the SHIP staff may rely on such monitoring and determination of tenant eligibility. Any loan in the original amount of $3,000 or less shall not be subject to annual monitoring and determination of tenant eligibility requirements. Tenant eligibility will be monitored annually for at least 15 years or the term of assistance whichever is longer, unless as specified above. Eligible sponsors that offer rental housing for sale before 15 years or that have remaining 7