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AFFORDABLE HOUSING AGREEMENT <br /> <br /> This AGREEMENT is made this day of ,2000, by the CITY OF <br />PLEASANTON, a Municipal Corporation ("City"), and GHC Bemai Investors, LLC <br />("Developer'l). <br /> <br />Recilals <br /> <br />Developer has obtained all necessary enfitlements to develop a mixed use and <br />residential housing project consisting of I00 apartment units, 481 single family <br />residential units, and a commercial retail project (collectively the Project). <br /> <br />Developer and the City wishto make a certain number of the residential units within the <br />Project available to households with incomes less than the Area Median Income as <br />defined in Recital C. <br /> <br />Area Median Income shall mean the area median income for the Oakland Primary <br />Metropolitan Statistical Area adjusted for family size in accordance with adjustment <br />factors adopted and amended from time to time by the United States Department of <br />Housing and Urban Development (HUD) pursuant to Section 8 of the United States <br />Housing Act of 1937 or any successor statute. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Developer agree as follows: <br /> <br />Of the i00 apartment units, Developer shall make available for rent 20 units for <br />households with income at 50% of the Area Median Income and shall make available for <br />rent 11 units for households with income at 80% of the Area Median Income. <br /> <br />Rents shall be based on two persons per one bedroom unit, four persons per two <br />bedroom unit, and six persons per three bedroom unit. <br /> <br />The monthly rent for each of the 20 units available tlar households with income at <br />50% of the Area Median Income shall not exceed one-twelfth of 30% of the <br />household income multiplied by 50% of the Area Median Income. <br /> <br />The monthly rent for each of the 11 units available for households with income at <br />80% of the Area Median Income shall not exceed one-twelt'th of 30% of the <br />household income multiplied by 80% of the Area Median Income. <br /> <br />IfHUD fails to issue revised median household income stmistics for the Oakland <br />Primary Metropolitan Statistical Area within 15 months of the previous revision, <br />rents for units retorted to in this Section 1 may be adjusted based on the annual <br />percentage increase in the San Francisco-Oakland Constuner Price Index <br />urban wage earners and clerical workers. <br /> <br />Page 1 <br /> <br /> <br />