18 ATTACHMENT 1-4; 6-9 - Laserfiche WebLink

Based on staff review of the two options, it is recommending Option 2 and the attached Affordable Housing Agreement reflects this options affordability levels and unit mix. This option is recommended based principally on the following: . It meets the 15% IZO target of having 15% rent restricted units and other IZO standards including unit construction quality, affordability for perpetuity and the City's preference criteria. . While it does reduce the number of three bedroom units from eight to ten it does increase the number of two bedroom units from six to ten resulting in a total of 18 units that can accommodate families rather that the 16 units in Option 1. . It represents the City best effort in negotiating an agreement in view of the current regulatory environment and other benefits requested by the City. . The bedroom mix is generally consistent with other affordable housing projects. . It continues to meet a need for providing units designed to meet the needs of the physically disabled Notwithstanding the above, there are some advantages to Option I in that it provides deeper affordability for larger families and more 50% and 80% AMI units. However, in view of the Commission's concern regarding the precedent setting for Affordable Housing Agreements with less than 15% rent restricted units, Option 2 represents the better option and it is staff's recommendation. The developer has agreed however, to honor the original proposal should the Commission and City Council find it preferable. Following the Commission's decision on this matter this development will be reviewed by the Planning Commission as part of the PUD process. The City Council will 1:hen decide on both the PUD and the recommended Affordable Housing Agreement. Page - ; -