3_Exhibit E - Laserfiche WebLink

Housing Commission November 17, 2022 Page 1 of 1 • The agreement will be recorded with the land and remain affordable in perpetuity. This City IZO requirement is longer than SDBL, and hence the stricter rule applies. • Requires the development to accept Section 8 housing vouchers from eligible qualified applicants. Commissioners were advised that Mr. Davis, representative for the Stoneridge Mall Residential project, was available to answer any questions they may have. Commissioner Chillinsky had questions pertaining to the density bonus requirement and the 15-month rent adjustment time frame. Mr. Hernandez advised that rents would be recalculated, and the 15-month time frame was an estimation being used by the city based on information that has been provided by HUD. Commissioner Chillinsky questioned if the commission was being asked to approve the overall concept for this project, and Ms. Clark advised that the commission was being asked to look at and consider the Affordable Housing Agreement. She noted that this will be a 5-story, 360-unit building with a structured parking area. Mr. Hernandez provided Chairperson Galvin and Commissioner Renton details about the number of studio units planned for this project noting larger bedroom units are preferred due to family growth limitations with studio units and 1-bedroom units being preferred by people with disabilities. Commissioner Renton commented on wording in the agreement, and Ms. Clark indicated staff would review and make suitable changes. Commissioner Kripalani discussed with Mr. Hernandez changes that may be required if the income of a household increases. Mr. Hernandez advised that tenants would be allowed to remain in their units unless the household income goes above 140% of the unit designation, at that time options would be discussed but tenants would not be evicted because of a higher income. Mr. Hernandez informed Chairperson Galvin that there would be some fluidity available as long as 58 eligible units were maintained. Commissioner Renton was advised that details about recertification were outlined on page 2, Section C of the Affordable Housing Agreement. Ms. Seto noted that the City of Pleasanton had copied language provided by the State of California and advised Chairperson Galvin that the city tries to follow State Law. The Land Use Attorney, Cecily Barclay, commented on wording in the agreement that is verbatim from State Law which can sometimes be difficult to understand. Commissioner Chillinsky noted Section B on page 2 of the Agreement still refers to studio units, and Ms. Seto advised that staff would make a correction to this. A motion was made by Commissioner Kripalani, seconded by Commissioner Chillinsky, recommending City Council approve an Affordable Housing Agreement with Stoneridge Associates, LLC for the Stoneridge Mall Residential project (PUD-136) with corrections made by the Housing Commission. ROLL CALL VOTE: AYES: Commissioners Chillinsky, Kripalani, Renton, and Chairperson Galvin. NOES: None ABSENT: Commissioners Fischer and Schemp. ABSTAIN: None Commissioners asked about the timeline for this project and were advised by staff that it now needs to be presented to the Planning Commission and City Council.