Affordable-housing homeowners now have the opportunity to realize greater gains when reselling their homes.

In a recent 4-0 vote, with Councilmember Andy Fox absent, the City Council changed the method used to calculate affordable-housing resale prices.

"It means the seller gets a chance at a more equitable price," according to John Prescott, director of community development.

Quoting from the PowerPoint presentation used during the meeting, Prescott said, for example, a unit sold in 2000 for $255,000 could be resold for $316,000 under the new Affordable Housing Cost method as opposed to $296,000 under the Change in Median Income method formerly used.

And a home sold in 2003 for $314,000, which would have sold for $329,000 under the old method, could now sell for $334,000. Up to $5,000 could be added to the selling price if certain improvements have been made to the property, according to staff reports.

The Affordable Housing Cost method uses economic factors such as current mortgage interest rates, mortgage payments, property taxes, insurance, utilities and homeowner association fees in addition to household income.

"The Affordable Housing Cost methodology considers mortgage interest rates. When interest rates drop, there is a higher resale. When interest rates increase, resale lowers," said Russ Watson, housing and redevelopment manager.

The Change in Median Income method previously used restricted resale of affordable units by multiplying the percent change in median household income from year to year. The median household income for a family of four is $90,500 in Thousand Oaks, but the city uses Ventura County's median income of $79,500 when considering affordable-housing eligibility, Watson said.

The new methodology will be used with any new affordable housing that becomes available.

"There will be 14 affordable-housing units that will be available for sale in the next few months," said Nellie Jasso, senior planner for the housing redevelopment division.

Homeowners who already have agreements will be allowed to choose between the Median Income method and the Affordable Housing Resale method, Watson said.