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Attachment 1 <br /> Citizens for a Caring Community <br /> P.O. Box 1781 , Pleasanton CA 94566 <br /> OPTION 4 Summary <br /> Concept for providing affordable housing without implementing rent restrictions. <br /> • Modify the current IZO offsite development and land dedication alternatives to create mixed <br /> income neighborhoods rather than mixed income buildings. <br /> • Prohibit rent restricted units in market rate developments on property zoned 30 units+/acre. <br /> • On property zoned 30+units/acre, restrict contributions from the Lower Income Housing Fund <br /> (LIHF) to qualified nonprofit housing providers in order to assure efficient and transparent use of <br /> these limited funds. <br /> SUGGESTION FOR DISCUSSION: <br /> Replace the IZO with a new zoning category: <br /> Nonprofit/High Density Residential (NP/HDRI <br /> All properties the City identifies as suitable for high density residential development <br /> (30+units/acre) in the Housing Element update process would receive NP/HDR zoning. In <br /> addition, other property owners not so identified could apply for this zoning on all or a portion <br /> of their property. This would be the only HDR zoning available in Pleasanton greater than 23 <br /> units/acre. <br /> Requirements for developing with NP/HDR zoning would be: <br /> - A qualified nonprofit housing provider, hired by the property owner to create a plan for <br /> the site. <br /> - The nonprofit would provide at least 40%of the site's residential units as affordable to <br /> low, very low, and/or extremely low income households on land dedicated by the <br /> property owner. <br /> - The non-profit lead would select a for-profit developer to build market rate units on the <br /> site. At least 40% of the market rate units would be built at the same or greater density <br /> than the nonprofit units. <br /> - The market rate portion of the development will be exempt from paying the LIHF. <br /> - Rents in the market rate portion of the development would have no restrictions. <br /> - The LIHF would provide financial assistance to the nonprofit housing project lead as <br /> outlined in the current IZO, or additional assistance as recommended by the Housing <br /> Commission and approved by Council. <br /> - The City would expect and facilitate the nonprofit and for-profit developer(s) to cooperate <br /> in the creation of an attractive, mixed income neighborhood including shared amenities for <br /> workforce families and singles consistent with the Housing Element Goals and Policies. <br />