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j ATTACHMENT 1 '.c" 03666042 11 /10/2003 98: RM OFFic?QL RECORDS OF HLRFEDR N} 9 PRTRICR FEE. u Recorded at the request of RECORDING FEE. 0 .00 and when recorded, return to: MI City of Pleasanton 1 1 hr1; ;i 1� 1 "I i III I P.O. Box 520 nll �I I1.. h j 14 res c g p Pleasanton, CA 94566 S t 69 A<oo t o 2 DD3(Q!�/ 1V/� g a AFFORDABLE HOUSING AGREEMENT This AGREEMENT is made this 6th day of May, 2003, by the CITY OF PLEASANTON, a Municipal Corporation "City and Ponderosa Homes II, Inc., a California Corporation "Owners Recitals A. Owners are the record owners of certain real property (the "Property more particularly described in Exhibit 1 and, as to the Property, have obtained all necessary entitlements to develop a mixed use and residential housing project consisting of 172 apartment units, 191 single family residential units, and sites for a school and church (collectively the "Project). 13. Owners and the City wish to make a certain number of the apartment units within the Project available to households with incomes at or below sixty percent (60 and fifty percent (50 of the Area Median Income. C. Area Median Income shall mean the area median income for the Oakland Primary Metropolitan Statistical Area adjusted for family size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development (HUD) pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, the City and Owners agree as follows: 1. Of the 172 apartment units, 138 shall be "Affordable" units. Owners shall make available for rent 69 Affordable units for households with income at or below 50 of the Area Median Income (50% Units) and shall make available for rent 69 Affordable units for households with income at or below 60% of the Area Median Income (60% Units). The Affordable units shall be consistent with the following: A. The maximum allowable income for tenants occupying the 50% Units shall be 50% of the Area Median Income adjusted for household size. The maximum allowable income for tenants occupying the 60% Units shall be 60% of the Area Median Income adjusted by household size.