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A summary of the terms of the AHA are as follows: • Of the total of 305 project apartment units, 36 will he affordable units as follows: Unit Type Very Low Low Income Median Income Income (80% of AMI) (100% of AMI) (50% of AMI) Studio 5 0 0 1 Bedroom 5 5 5 2 Bedroom 0 6 0 3 Bedroom 0 I0 0 Total 10 21 5 • As an example of income levels, the current AMI at 50% for a one person household that would determine rents of the Studio units is 531,200. The current AMI at 80% for a live person household that would be used for determining rents for the 3-bedroom units is $77,050. The current AMI at 100% for a two person household that would be used for determining rents for the 1-bedroom units is $71,350. • The agreement will be recorded with the land and remain affordable for perpetuity. • Requires the development to accept Section 8 housing vouchers from eligible qualified applicants. • Affordable units will be rented based on the City's adopted preference system. • Payment of the City's Lower Income Housing Fee is not required as the development will meet the goals of the City IZO and Resolution 10-390. • One of the Affordable 1-bedroom units, one Affordable 2-bedroom units and one Affordable 3-bedroom units as included in 1(A) above shall be fully accessible for the physically disabled. Unit design shall include amenities such as grab bars, modified case work and bathroom facilities and other amenities deem significant for disabled access. The 36 affordable units represent approximately 12% of the total units and as the Commission is aware, the IZO sets forth that 15% of the units should be affordable. Notwithstanding this situation, staff maintains that the proposed number of units meets the intent of the IZO for a number of significant reasons. First, as indicated previously, Resolution 10-290 is clear that the City should strive to obtain large 3-bedroom units for lower income families and the ten 3- bedrom units proposed at 80% AMI represents the largest number of three bedroom rental units ever provided to the City. As an example, the recently approved BRE development in Hacienda Business Park will include 506 units that will provide eight 3-bedroom units as compared to the ten 3-bedroom units provided in the 305 units for this project. Further, the BRE affordable Housing Agreement was negotiated as part of the Urban Habitat settlement and it agreed to provide a large number of affordable units so as to both assist the City with its settlement discussions and to gain approval of residential development in Hacienda Business Park. Since Page - 4 -