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P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 10 F. Execution of this Agreement meets the requirements of the City’s Inclusionary Zoning Ordinance for the Project and shall be in lieu of paying the City’s Affordable Housing Fee for the Project. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Owner agree as follows: 1.Of the 57 multi-family units, nine (9) shall be Affordable Units. These Affordable Units shall be maintained as affordable through one of the following methods: (i) rented by Owner, or Owner’s successor in interest; or (ii) sold to a non-profit affordable housing operator or to an income-qualified household in compliance with the City’s purchase price limits, based on down payment and number of occupants. If rented, the Affordable Units are “Rental Affordable Units.” If sold, the Affordable Units are “For-Sale Affordable Units.” Whether to agree to either for- sale alternative shall be in the discretion of the Owner, and the parties understand that consideration of for-sale alternatives shall not delay the Project. 2.The Affordable Units shall be available: for rent to households at or below eighty percent (80%) of the Area Median Income; or if sold at or below eighty percent (80%) of the Area Median Income, at the price levels provided in California Government Code section 65915 (California Density Bonus Law) and the City’s Inclusionary Housing Ordinance. 3.The Affordable units shall be consistent with the following: A.The Affordable unit mix shall be as follows: Unit Type Low Income (At or below 80% of AMI) 1 Bedroom 9 Total: 9 B.Affordable unit rents or sales price shall be based on the following household sizes: Unit Type Household Size 1 Bedroom Unit Two (2) person household C.The Affordable Units shall be dispersed throughout the Project unless otherwise approved by the City. D.The Affordable Units shall have comparable interior standards of quality as the market rate units but may have fewer amenities. For purposes of this Agreement, “Amenities” shall mean any interior features which are not essential to the health and safety of the resident, but provide visual or aesthetic appeal, or are provided as conveniences rather than as necessities. Amenities include things such as “fireplaces, garbage disposals, dishwashers, cabinet and storage space, and bathrooms in excess of one” but does not include items required by city building codes or other ordinances that are necessary to ensure the safety of the building and its residents.