HACIENDA PLEASANTON LP - Laserfiche WebLink

Recorded at the Request of and when recorded,return to: City of Pleasanton P.O. Box 520 Pleasanton,CA 94566 Exempt per Gor.Code§27383 AFFORDABLE HOUSING AGREEMENT This AGREEMENT is made this day of ,2013,by the CITY OF PLEASANTON,a Municipal Corporation ("City"),and HACIENDA PLEASANTON,L.P.,a California limited partnership ("Developer"). Recitals A. Developer currently owns a 5.60 acre site at 5729 West Las Positas Boule"ard, Pleasanton,California,more particularly described in Attachment I attached hereto and incorporated herein by reference (the"Property"). B. For the Property,Developer has obtained all necessary entitlements to develop a residential housing project consisting of 168 apartment units ("Project"). C. Developer and the City wish to make a certain number of the apartment ur its within the Project available to households with incomes at or below fifty percent(50%) (very-low income) of the Area Median Income as adjusted by HUD for very low income households,as further adjusted for the household sizes listed in Section I .13 below multiplied by 30% land a certain number of the apartment units within the Project available at monthly rents no greater than one twelfth of 100% of the Are(' Median Income, as adjusted by HUD for median income households.as further aajusted for the household sizes listed in Section 1.13 below multiplied by 30%]. D. Area Median Income (AMI) shall mean the area median income for the SEn Francisco- Oakland-Fremont Metropolitan Statistical Area adjusted for household siza in accordance with adjustment factors adopted and amended from time to time by the Ur,ited States Department of Housing and Urban Development(HUD) pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. E. Execution of this Agreement meets the requirements of the City's Inclusicnary Zoning Ordinance and shall be in lieu of paying the City's Lower Income Housing Fee for this Project. NOW,THEREFORE,in consideration of the mutual covenants,agreements and conditions contained herein,City and Developer agree as follows: