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Housing Commission Minutes [EXCERPT] pleasanton Senior Center, 5353 Sunol Boulevard, Pleasanton, CA June 19,2003 7:30 p.m. 8. PUBLIC HEARINGS AND OTHER MATTERS A. Review ora Request by Ponderosa Homes to Allow the Use of Affordable Housing Credits in Connection with the I72-Unit Apartment Development Approved on the Busch Property Scott Erickson introduced the staff report and provided background on the issue. Mark Sweeney, Ponderosa Homes, gave a brief history of the project and the tax credit application process. He noted that the percentage of affordable units in the senior apartments project was increased from 50% to 80% of the total units. They have estimated that this translates to a $2.5 million impact on the value of the project based on accepted capitalization rates. The subsidy being provided by Ponderosa is estimated at approximately $50,000 per unit. Mr. Sweeney noted that they recently learned that the tax credit application made the second cut in CDLAC's review process and received a score of 92.7 points out ofa possible 120 points. Ponderosa would like to be able to receive the credits for producing 5 I units beyond its required share of affordable units on the Busch property. Commissioner Harris felt that the City Council's question regarding this issue was related to whether or not it was appropriate to require that the credits be limited to use by Ponderosa Homes rather than allowing them to be sold to another developer. Mark Sweeney responded that they would be willing to restrict the credits to their own future projects but would like to at least be permitted to apply them to the Busch property, for example if the future school site is developed as residential. [Commissioner Brian Arkin left the meeting at 8:40 p.m.] Page - 1 -