3_Exhibit E - Laserfiche WebLink

Housing Commission November 17, 2022 Page 1 of 1 3. Public Comment from the audience regarding items not listed on the agenda None. MATTERS BEFORE THE COMMISSION 4. Review and Recommendation to City Council an Affordable Housing Agreement with Stoneridge Associates, LLC for the Stoneridge Mall Residential Project (PUD-136) Mr. Hernandez reviewed with commissioners specific for the Affordable Housing Agreement with Stoneridge Associates, LLC for the Stoneridge Mall together with a PowerPoint presentation. Commissioners were informed that the Simon Property Group (SPG), also known as applicant Stoneridge Associates, LLC, had submitted an application to construct 360 residential units and a parking garage for residents of the project known as Stoneridge Mall Residential Project (PUD-136), and a project that will redevelop the southeast corner of the existing Stoneridge Shopping Center by replacing an existing parking lot area located adjacent to the parking lot deck of the former Sears store and east of the Macy’s Women’s store with 360 residential units and a new parking garage for the units residents. Mr. Hernandez provided the commission with details about the affordable housing requirements that this rental housing development will meet, noting that the City’s Inclusionary Zoning Ordinance (IZO) requires that 15 percent of the units in multi-family residential developments need to be affordable to very low- and/or low-income households. He noted that staff has been negotiating with SPG on how this project can meet both the intent of the IZO and the State Density Bonus Law (SDBL). A result of the negotiations is the proposed Affordable Housing Agreement that includes the following: • Providing 58 units for households whose income does not exceed 80% (low income) Area Median Income (AMI). California Health & Safety Code section 50079.5 states that “low-income households” include very low income (30% AMI) households. Unit Type Household Size Income (>80% AMI) 1 Bedroom Two (2) person household 32 2 Bedroom Three (3) person household 20 3 Bedroom Four (4) person household 6 58 Total Units • Rent restrict the 58 affordable units to low-income households with rent charged calculated based on the household income. As allowed by the SDBL, there are two tiers of rent proposed for the Project: 1) For households whose income does not exceed 60% AMI, monthly rent is calculated at 1/12 of 30% of 60% AMI, adjusted for household size, per SDBL (see California Health and Safety Code section 50053(b)(4). 2) For households earning between 61% to 80% AMI, monthly rent is calculated at 1/12 of 30% of the gross household income, as permitted by SDBL (see California Health and Safety Code section 50053(b)(4). • The affordable units shall be marketed by the developer and rented based on the City’s Preference System and in compliance with federal and state Fair Housing laws.