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ATTACHMENT 1 <br /> Recorded at the Request of <br /> and when recorded,return to: <br /> City of Pleasanton <br /> P.O. Box 520 <br /> Pleasanton,CA 94566 <br /> Exempt per Gov. Code§27383 <br /> AFFORDABLE HOUSING AGREEMENT <br /> This AFFORDABLE HOUSING AGREEMENT("Agreement") is made this _ day of <br /> , 2014,by the CITY OF PLEASANTON, a Municipal Corporation("City"), and <br /> SHAC LAS POSITAS APARTMENTS LLC, a California limited liability company <br /> ("Developer"). <br /> Recitals <br /> A. Developer currently owns a legal or equitable interest in a 5.9-acre site at 5850 West Las <br /> Positas Boulevard, Pleasanton, California,more particularly described in Attachment 1 <br /> attached hereto and incorporated herein by reference(the "Property"). <br /> B. For the Property,Developer has obtained all necessary entitlements, including the PUD <br /> Development Plan approved by the City Council by its Ordinance 14-YYY, to develop <br /> 177 apartment units with related site improvements including parking areas,open green <br /> area and a tot lot(collectively the "Project"). <br /> C. Developer and the City wish to make a total of twenty-seven(27)apartment units within <br /> the Project available to households with incomes between and fifty percent(50%) (very- <br /> low income) of the Area Median Income and one hundred percent(100%) (median <br /> income). <br /> D. Area Median Income (AMI) shall mean the area median income for the San Francisco- <br /> Oakland-Fremont Metropolitan Statistical Area adjusted for household size in accordance <br /> with adjustment factors adopted and amended from time to time by the United States <br /> Department of Housing and Urban Development(HUD)pursuant to Section 8 of the <br /> United States Housing Act of 1937 or any successor statute. <br /> E. Execution of this Agreement meets the requirements of the City's Inclusionary Zoning <br /> Ordinance and shall be in lieu of paying the City's Lower Income Housing Fee for this <br /> Project. <br /> NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br /> conditions contained herein, City and Developer agree as follows: <br /> 1 <br />