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