SR 06:078 - Laserfiche WebLink

As a result of City Council action, Mr. Auf der Maur has been working with SilverStone Communities, a housing developer with an office in Redwood City and developments throughout the state. SilverStone's Northern California division specializes in the acquisition and construction of single-family homes, townhomes, and higher density condominium communities close to transportation, freeways, schools, shopping, entertainment, and recreational venues. At its meeting of February 21,2006, the Council approved PUD-45 for this development. The project consists of ten clusters of buildings with three to six dwelling units in each cluster. The project will have two, three and four-bedroom units ranging in size from 1,269 square feet to 1,979 square feet. Each unit will have a two car garage. Also, included is a tot lot and twelve guest parking spaces, The project will be developed as a condominium with all units being offered for sale. The PUD was conditioned on approval of an affordable housing agreement. City Housing Division staff has met several times with the developer during the planning process with the goal of meeting IZO requirements and incorporating "affordable by design" units in the project. While "affordable by design" units do not meet the requirements of the IZO, the Council has expressed an interest in the development of these units as a way of meeting housing needs of first time homebuyers and/or homebuyers seeking housing priced at the average or lower end of the market. As of November 2005, the median price of a condominium located in Pleasanton was $522,000. In addition, during its initial review of the project, the Housing Commission expressed an interest in incorporating "no-flip" and local sales preference provisions for the "affordable by design" units. The goal of these provisions is to create guidelines that encourage the sale of these units to families rather than investors interested in obtaining rental properties. The Commission also requested staff discuss increased density on the site. In response to these interests, staff and the developer have prepared the attached Affordable Housing Agreement. DISCUSSION The Affordable Housing Agreement (Attachment B) is consistent with agreements approved by the City previously and provides that the development produce affordable housing consistent with the requirements of the City Inclusionary Zoning Ordinance. A summary of the Agreement (included in Attachment A), is as follows: . Makes five units available to low-income households ($65,760 for a four person household) at a sales price of $205,000 that will be adjusted based on changes in the Area Median Income. Estimated unit size is 1,213 sq. ft. . Makes two units available to moderate income households ($98,640 for a four person household) at a sales price of $3 I 0,000 that will be adjusted based on changes in the Area Median Income. Estimated unit size is 1,774 sq. ft. . Designates five approximately 1,213 sq. ft units as "affordable by design" units. SR 06:078