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<br />ATTACHMENT 4 <br /> <br /> <br />A( ) <br /> <br /> <br />pLEASANTONc <br /> <br />City Council <br />Staff Report <br /> <br />October 21,2003 <br />Deputy City Manager <br /> <br />SUBJECT <br /> <br />REQUEST OF PONDEROSA HOMES TO ALLOW THE USE OF <br />AFfORDABLE HOUSING CREDITS IN CONNECTION WITH <br />THE I72-UNITS SENIOR APARTMENT DEVELOPMENT <br />APPROVED ON THE BUSCH PROPERTY. <br /> <br />STAFF RECOMMENDATION: <br /> <br />Approve Amendment #1 to the Affordable Housing Agreement <br />(Attachment 1) for the Ponderosa Senior Apartments located on the Busch <br />property by adding Section 11, allowing the use of affordable housing <br />credits ("credits") as a means of meeting affordability requirements for <br />future development on and/or off of the Busch site. <br /> <br />PLANNING AND HOUSING COMMISSION RECOMMENDATIONS: <br /> <br />The Housing Commission reviewed this matter at it meeting of June 19. <br />The Planning Commission reviewed this matter at its meeting of June 25. <br />Both Commissions recommended an amendment to the Affordable <br />Housing Agreement to include Section 11 as initially submitted to the <br />Council at its May 6 meeting allowing on and off-site credits. Further, <br />both commissions recommended retention of the language in the <br />Inclusionary Zoning Ordinance allowing affordable housing credits subject <br />to the approval of the City Council. Copies of the minutes are included as <br />Attachment 5. <br /> <br />SUMMARy <br /> <br />At its meeting of May 6, the City Council approved an Affordable <br />Housing Agreement for the Ponderosa senior apartment development. <br />The development consists of 34 market units, 69 units affordable at 50 % <br />of the Area Median Income and 69 units affordable at 60% of the Area <br />Median Income. The Council deferred action on Section 11 of the <br />Agreement related to the application of affordable housing credits until the <br /> <br />SR:03:308 <br />Page 1 <br />