PC-2024-15 - Laserfiche WebLink

P24-0505, Amendments to Pleasanton Municipal Code and ODS Planning Commission, September 11, 2024 Exhibit A, PMC Amendments, Page 8 "Inclusionary unit credits." Credits approved by the city council in the event a project exceeds the total number of inclusionary units required in this chapter. Inclusionary unit credits may be used by the project owner to meet the affordable housing requirements of another project subject to approval by the city council. "Income." The gross annual household income as defined by HUD. "Life of the inclusionary unit." The term during which the affordability provisions for inclusionary units shall remain applicable. The affordability provisions for inclusionary units shall apply in perpetuity from the date of occupancy, which shall be the date the city of Pleasanton performs final inspection for the building permit. "Lower income housing fee." A fee paid to the city by an applicant for a project in the city, in lieu of providing the inclusionary units required by this chapter. “Market-rate units.” means new living units in residential projects which are not rented or sold at affordable rents or affordable sales prices, as defined in this chapter. "Median income for Alameda County." The median gross annual income in Alameda County as determined by HUD, adjusted for household size. "Off-site inclusionary units." Inclusionary units constructed within the city of Pleasanton on a site other than the site where the applicant intends to construct market rate units. "Ownership units." Inclusionary units developed as part of a residential development which the applicant intends will be sold, or which are customarily offered for individual sale. "Project." A residential housing development at one location or site including all dwelling units for which permits have been applied for or approved. "Project owner." Any person, firm, partnership, association, joint venture, corporation, or any entity or combination of entities which holds fee title to the land on which the project is located. "Property owner." The owner of an inclusionary unit, excepting a "project owner." "Recapture mechanisms." Legal programs and restrictions by which subsidies provided to inclusionary units will be controlled and repaid to the city and/or other entity upon resale, to ensure the ongoing preservation of affordability of inclusionary units or to ensure funds for inclusionary units remain within the city's affordable housing program. "Rental units." Inclusionary units which the applicant intends will be rented or leased, or which are customarily offered for lease or rent. “Residential project, rental.” A residential project or portion thereof, that creates one or more units that cannot be sold individually, except that construction of any accessory dwelling unit shall not be considered a rental project. “Residential project, for sale.” A residential project, or portion thereof, that includes the creation of one or more residential living units that may be sold individually, including a condominium, stock cooperative, community apartment, or attached or detached single-family home. A for-sale project also includes a residential condominium conversion project and the Docusign Envelope ID: 08C02E88-17AB-4968-82AD-8CC9C436D349