Laserfiche WebLink
<br />ATTACHMENTB <br /> <br />AFFORDABLE HOUSING AGREEMENT <br /> <br />This AGREEMENT is made this _ day of <br />PLEASANTON, a Municipal Corporation ("City"), and <br /> <br />, 2005, by the CITY OF <br />("Developer"). <br /> <br />Recitals <br /> <br />A. Developer has obtained all necessary entitlements to develop a residential housing project <br />consisting of a 45-unit condominium project located on a 2.76-acre site at 3909 Vineyard <br />A venue (the Project). <br /> <br />B. Developer and the City wish to make a certain number of the Project units available to <br />Low and Moderate-income households as defined in Recital C and to make a certain <br />number of units Affordable by Design (Affordable by Design Units) as defined in Section <br />II of this Agreement. <br /> <br />C. Low and Moderate Income Households shall mean households with incomes at a <br />percentage of the Area Median Income for the Oakland Primary Metropolitan Statistical <br />Area adjusted for household size in accordance with adjustment factors adopted and <br />amended from time to time by the United States Department of Housing and Urban <br />Development (HUD) pursuant to Section 8 of the United States Housing Act of 1937 or <br />any successor statute. A Low Income Household shall be a household with income at <br />eighty percent (80%) of the Area Median Income and a Moderate Income Household <br />shall be a household with income at 120% of the Area Median Income. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Developer agree as follows: <br /> <br />I. Of the 45 residential units, five units shall be available for Low Income Households and <br />two units shall be available for Moderate Income Households. The Low Income <br />Household and Moderate Income Household units shall be provided and marketed as <br />follows: <br /> <br />A. The five units for Low Income Households shall be made available at a sales price <br />of $205,000. These Low Income Household units shall be consistent with "Plan <br />I" as outlined in Attachment A. The initial sales price for these units will increase <br />at an amount equal to the Area Median Income as specified in C above. The sales <br />price will be finalized at the time Developer begins construction on the project <br />following issuance of building permits. <br /> <br />B. The two units for Moderate Income Households shall be made available at a sales <br />price of$31O,000. These Moderate Income Household units shall be consistent <br />with "Plan 2" as outlined in Attachment A. The initial sales price for these units <br />will increase at an amount equal to the Area Median Income as specified in C <br /> <br />Page I <br />