RES 15770 - Laserfiche WebLink

ATTACHMENT 1 Affordable Units shall be made available at an initial sales price of$265,000 to households with an annual income at or below 80% of the Area Median Income. 2. If the Area Median Income as set forth in Attachment 2, increases from the effective date of this Agreement to the date the City issues the initial building permits for the project, the initial sales price of$265,000 for the Affordable Units will be adjusted by the percentage rate equal to the then current Area Median Income and the Area Median income included in Attachment 2. 3. The Affordable Units will be subject to Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purchasers prepared exclusively by the City and the Developer shall cooperate with the City regarding the recording of these documents. 4. The City may utilize its Lower Income Housing Fund to provide second mortgages or other types of financial assistance to qualified low income households. The Developer shall cooperate with the City regarding the implementation of its financial assistance. 5. For purposes of determining household's eligibility for an Affordable Unit, a household's annual income shall be calculated in accordance with the Code of Federal Regulations Title 24 - Housing and Urban Development; Part 5 General HUD Program Requirements; Subpart F: Section 8 and Public Housing, and Other HUD Assisted Housing Serving Persons with Disabilities: Family Income and Family Payment; Occupancy Requirements for Section 8 Project-Based Assistance; Section 5.609—Annual Income (24CFR 5.609). 6. The Affordable Units shall include two bedrooms, two baths and be approximately 1,200 square feet in size. 7. The Affordable Units shall be dispersed throughout the Project as shown on the attached Exhibit A unless otherwise approved by the City and shall have the same interior standards of quality (e.g., appliances, interior features/amenities, services, etc.) as the market rate units. 8. The Affordable Units shall be marketed and sold consistent with the Pleasanton Homeowners Assistance Program (PHAP)which includes the limitation on the sales prices for the initial and subsequent sales, a first-time buyer requirement, use of the City's Preference System, as set forth in Attachment 3, public selection process, and deed restrictions recorded in the chain of title of against each Affordable Unit to ensure such units remain affordable for perpetuity. 9. The City, with assistance from the Developer, shall coordinate the marketing and selling of the Affordable Units and the developer will contribute to this process at a one-time amount equal to $1,500 for each Affordable Unit. 10. In addition to providing the ten Affordable Units as described herein, the Developer is required to pay the City's Lower Income Housing Fee for 27 (29% of 94 units) of the project's units in the amount of$2,783 per unit for a total fee payment of$76,069. However, the Developer has agreed to pay the City's Lower Income Housing Fee for 2