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<br />Attachment 2 <br /> <br />Recording requested/after recording <br />return to: <br />City of Pleasant on <br />P.O. Box 520 <br />Pleasanton, CA 94566 <br /> <br />AFFORDABLE HOUSING AGREEMENT <br /> <br />This AGREEMENT is made this 20th day of August 2002, by the CITY OF <br />PLEASANTON, a Municipal Corporation ("City"), and Ponderosa Homes II, Inc. (a <br />California Corporation ("Owner"). <br /> <br />Recitals <br /> <br />A. Owner is the record owner of certain real property (the "Property"), more particularly <br />described in Exhibit I and, as to the Property, have obtained all necessary entitlements to <br />develop a mixed use and residential housing project consisting of 172 apartment units, <br />191 single-family residential units, and sites for a school and church (collectively the <br />"Project). <br /> <br />B. Owner and the City wish to make a certain number of the apartment units within the <br />Project available to households with incomes at or below sixty percent (60%) and fifty <br />percent (50%) of the Area Median Income. <br /> <br />C. Area Median Income shall mean the area median income for the Oakland Primary <br />Metropolitan Statistical Area adjusted for family size in accordance with adjustment <br />factors adopted and amended from time to time by the United States Department of <br />Housing and Urban Development (HUD) pursuant to Section 8 of the United States <br />Housing Act of 1937 or any successor statute. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditious contained herein, the City and Owner agree as follows: <br /> <br />1. Of the 172 apartment units, 138 shall be "Affordable" units. Owner shall make available <br />for rent -69 Affordable units for households with income at or below 50% of the Area <br />Median Income (50% Units) and shall make available for rent 69 Affordable units for <br />households with income at or below 60"10 of the Area Median Income (60% Units). The <br />Affordable units shall be consistent with the following: <br /> <br />A. The maximum allowable income for tenants occupying the 50% Units shall be <br />50% of the Area Median Income adjusted for household size. The maximum <br />allowable income for tenants occupying the 60% Units shall be 60% of the Area <br />Median Income adjusted by household size. <br /> <br />I <br />