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Alternative 1 — <br />Alternative 2— <br />Alternative 3— <br />Alternatives For Units Versus Cash Payment <br />Require the development to include the 52 BMR units as specified in <br />the AHA <br />Select the cash payment with $1,041,421 appropriated to the Lower <br />Income Housing Fund for allowable Lower Income Fee uses and the <br />remaining $3,458,579 placed in a separate fund for financial <br />assistance for a specific future affordable housing project, most <br />preferable one developed with a non - profit housing developer. <br />Select the cash payment and allocate $1,041,421 to the LIHF for <br />allowable uses and allocate the remaining $3,458,579 to a special fund <br />for a one time operating program or capital project, including potentially <br />an affordable housing project, to be determined as part of the City's <br />regular priority setting, budget and capital improvement program <br />process. <br />A summary review of the opportunities /benefits versus limitations /concerns for the three <br />alternatives is as follows: <br />Alternative 1 — Require the development to include the 52 affordable units as specified <br />in the AHA <br />Opportunities/Benefits <br />Meets the City's long standing practice of obtaining long term affordability in multi- <br />family apartment projects. Since adoption of the IZO in 2000, no apartment project <br />has paid a fee in lieu of providing units. <br />Meets a need for rent restricted units at various income levels. While staff has at <br />times heard concems that the 50% AMI to 80% AMI income level limit the range of <br />residents who qualify for BMR units, this AHA addresses that concern by including <br />25 units for residents at median income and as such, it will benefit a broad range of <br />household incomes, including households with income too low to afford an <br />apartment but too high to qualify for a lower income unit. <br />It takes steps toward meeting various Housing Element policies including: <br />Goal 5: Produce and retain a sufficient number of housing units affordable to <br />extremely low, low, and very low - income households to address the City's <br />responsibility for meeting the needs of Pleasanton's workforce, families, and <br />residents, including those with special needs. <br />Policy 11: Strive toward meeting Pleasanton's share of regional housing needs, <br />as defined by the Regional Housing Needs Determination /Allocation (RHNA) <br />Page 5 of 9 <br />