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P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 1 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 1 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 1 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 1 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 1 of 10 <br />ATTACHMENT 1 <br />ALTERNATIVE I – 57 TOTAL UNITS <br />Recorded at the request of <br />and when recorded return to: <br />City of Pleasanton Office <br />of the City Clerk <br />P. O. Box 520 Pleasanton, <br />CA 94566 <br />[This document is exempt from recording fees <br />Pursuant to Government Code§ 27383 and <br />Exempt from Documentary Transfer Tax pursuant <br />To Revenue and Taxation Code§ 11922] <br />AFFORDABLE HOUSING AGREEMENT <br />This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day of <br />, 2024, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and <br />CDP HOPYARD LLC, a Delaware limited liability company (“Owner”). <br />RECITALS <br />A.Owner currently owns a legal or equitable interest in land consisting of <br />approximately three (3.0) acres in Pleasanton, California, more particularly described in <br />Attachment 1 attached hereto and incorporated herein by reference (the "Property"). <br />B.For the Property, Owner has obtained City approval (Design Review P23-0177 and <br />Vesting Tentative Tract Map P23-0178) to develop a 57-unit multi-family residential project <br />(collectively the "Project"). <br />C.Owner and the City wish to make a certain number of the units within the Project <br />available to households with incomes generally at or below eighty percent (80%) (low income) of <br />the Area Median Income, as further described in Attachment 3 attached hereto and incorporated <br />herein by reference (“Affordable Units”). <br />D.The City is also seeking Owner consideration of for-sale alternatives to meet the <br />inclusionary zoning requirements for this Project, with the City’s understanding that Owner has <br />discretion to consider such for-sale alternatives, and the parties do not want consideration of for- <br />sale alternatives to delay the project. <br />E.Area Median Income (AMI) shall mean the area median income for the San <br />Francisco-Oakland-Fremont Metropolitan Statistical Area adjusted for household size in <br />accordance with adjustment factors adopted and amended from time to time by the United States <br />Department of Housing and Urban Development (HUD) pursuant to Section 8 of the United State <br />Housing Act of 1937 or any successor statute.