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LOCAL Alameda County Housing Authority Reserves In addition to their allocations of Section 8 Certificates and Vouchers and conventional public housing units, the Housing Authority has local reserve funds. The local reserves may be used for housing purposes consistent with state and local laws. Most of these reserves are set aside to cover cash flow and administrative costs and to pay for shortfalls in conventional public housing. However, some funds are set aside to develop affordable housing. City Development Fee Waivers The City may waive, on a case by case basis, City development fees for projects (or portions of projects) which include the construction of lower income units, either rental or ownership. The City has used this incentive to promote the construction of numerous major affordable housing developments since the 1980's. Recent City fee waivers are smnmarized in the following table: Project Name Year Rent I Total Afl. Perc. AffordabilityTotal Waiver I Subsidy Built Sale Units Units Afl. Level Subsidy Per Afl. Unit Stanley Senior Apts. 1997 Rent 86 86 100% Low/Very Low $1,280,000 $14,884 The Promenade Apts. 1997 Rent 146 68 47% Low $1,719,820 $25,291 Town Square 1998 Sale 30 3 10% Moderate $156,132 $52,044 Archstone Hacienda Apts. 2001 Rent 540 135 25% Low $2,241,540 $16,604 Nolan Farms 2001 Sale 36 5 14% Very Low $264,090 $52,818 Greenbriar / Bernal Property 2002 Rent/Sale 581 87 15% Low/Very Low I $2,077,764 $23,882 Ponderosa / Busch Property2005 RentJSale 362 138 38% Low/VeryLow $1,486,516 $10,772 Assisted Living Facility 2006 Rent 105 31 30% Very Low $3,771,300 $121,655 $12,9971162 $231503 TOTAL AVERAGE As noted in the table, the City recently approved a waiver of approximately $1.5 million in City fees for the 172-unit senior apartment project to be constructed in 2004 on the Busch property in east Pleasanton. In April 2003, the City Council also approved a waiver of $271,300 in City fees for the planned assisted living facility on Sunol Blvd. In addition, the City will be providing the land for the project (a 3.6 acre site valued at $3.5 million) and $2.49 million in predevelopment and permanent loans, for a total of over $3.77 million in City assistance. City Lower Income Housing Fee The City has established a fee which may bc paid by developers in lieu of constructing new affordable housing. In late 1998, the City completed an updated nexus study which DRAFT - Action Plan - FY05 City of Pleasant on Page 7