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Section 2: Sections 17.36.082 and 17.36.085 are hereby added to the Pleasanton Municipal <br /> Code to read as follows: <br /> <br /> "17.36.082 Low income for-sale projects. <br /> <br /> A. A low income for-sale project shall be a residential project having a minimum <br /> of twenty-five percent (25%) of the total units reserved for low income <br /> households, defined as households whose income, adjusted for household size, <br /> does not exceed eighty percent (80%) of the median income level for the <br /> primary metropolitan statistical area which includes the County as determined <br /> by the U.S. Department of Housing and Urban Development. <br /> <br /> B. The initial selling price for the units to be owned and occupied by low income <br /> households shall be such that the monthly housing expenses (including <br /> principal, interest, taxes, insurance, and homeowners association dues) shall <br /> not exceed thirty-five percent (35%) of the monthly income of such household. <br /> <br /> C. Units designated for low income households must be reserved for such <br /> households in perpetuity unless the City agrees otherwise in writing. <br /> <br /> D. Units designated for low income households which are part of a larger <br /> market-rate project shall be of the same quality as market-rate for-sale housing <br /> within the project. <br /> <br /> E. The applicable restrictions for the resale of low income for-sale units shall be <br /> recorded in a form approved by the City. <br /> <br /> F. The selection of prospective buyers for low income for-sale units shall be <br /> subject to the City's preference and priority system. <br /> <br /> 17.36.085 Applications for growth management approval; low income rental <br /> projects and low income for-sale projects. <br /> <br /> A. A developer proposing a project meeting the criteria set forth in sections <br /> 17.36.080 or 17.36.082 of this Chapter may apply for growth management <br /> approval at any time during the year and with only such prior approval and or <br /> project information as the City Council may decide is sufficient to provide it <br /> with the information it needs to review the project's eligibility and value to the <br /> community. The City Council may grant the project growth management <br /> approval for such year or years as it sees fit, consistent with General Plan goals <br /> and policies. <br /> <br /> <br />