RES 2024056 - Laserfiche WebLink

F. Execution of this Agreement memorializes the requirements of the City's Inclusionary Zoning Ordinance (Ordinance 1818) for the Project and shall be in lieu of paying the City's Lower Income Housing Fee for this Project. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Developer agree as follows: A. Of the 110 homes authorized for development by the PUD Development Plan approved by the City Council by its Ordinance 21-YYY, eighteen (18) shall be "Affordable" units. The 18 units required to meet the IZO shall be available for purchase to households with annual incomes at or below 120% of the Area Median Income (AM]) as set forth herein. The Affordable units shall be at least 1,200 square feet and shall be consistent with the following: Unit Type Moderate Income (120% of AMI) 2 Bedroom 18 Total 18 Area Median Income (AMI) shall mean the area median income for San Francisco -Fremont Metropolitan Statistical Area adjusted for household size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Urban Development (HUD) pursuant to Section 8 of the United States Housing Act of 1937 or any successor Statute. B. Affordable unit sales prices shall be based on the following household sizes: Unit Type Household Size 2 Bedroom Unit Three (3) person household C. The sales prices for each of the Affordable units shall be calculated based on a maximum sales price for a three (3) person household (regardless of the number of qualified applicants at the time of sale or thereafter) calculated by the City in accordance with its Pleasanton Homeownership Assistance Program guidelines and restrictions, as such restrictions have been modified and approved by the City Council for this Project in the form attached hereto as Attachment'_ (the "Merritt Property Age -Qualified Community Homes PHAP Requirements" ). In the event that there are improved marketing strategies for securing qualified buyers, or there is an inadequate pool of qualified buyers, for the Affordable units, the Developer may propose revisions to the PHAP Requirements to attract additional qualified buyers. Such revisions to the PHAP Requirements shall be subject to review and approval by the Community Development Director. At the initial sales for the Project, sales prices for Affordable units shall be based on the AMI at the time the City issues a Certificate of Occupancy for each unit. Thereafter, prices shall adjust consistent with HUD adjustments in the AMI. If HUD fails to issue revised Area Median Income/ household income statistics for the San Francisco -Oakland -Fremont Metropolitan Statistical Area within 12 months of the previous revision, sales prices for the Affordable units may be adjusted based on the annual percentage increase in the San Francisco -Oakland Consumer Price Index for urban wage earners and clerical workers. D. The Affordable units shall be located in the alley -loaded and courtyard housing, as shown on the Project PUD site plan. The Affordable units shall be constructed concurrent with construction of the market -rate units. E. Sales of the Affordable units shall be in accordance with City eligibility and income guidelines in conformance with the City's Preference System for City Assisted Affordable Rental and