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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 97-137 <br /> <br /> RESOLUTION APPROVING AN AFFORDABLE HOME <br /> OWNERSHIP SALES PROGRAM FOR THE RAY STREET <br /> VILLAGE PROJECT (PUD-97-08) <br /> <br />WHEREAS, Trumark Homes and Pine Street Properties recently received PUD approval from <br /> the City Council to construct a 30-unit smalMot detached single-family housing <br /> development called "Ray Street Village" to be located at 65-73 Ray Street <br /> (PUD-97-08); and <br /> <br />WHEREAS, providing affordable for-sale housing for moderate income households is a need <br /> which is expressed in the City's General Plan Housing Element and in the HUD <br /> Consolidated Planning Strategy; and <br /> <br />WHEREAS, at the Council meeting of September 16, 1997, the developer agreed to sell one of <br /> the smaller models (approximately 1,270 square feet) at a price affordable to a <br /> first-time buyer household at the "moderate" income level; and <br /> <br />WHEREAS, the Council directed staff to work with the developer to explore City subsidies <br /> through the Lower Income Housing Fund to make available at least one additional <br /> unit of the same size at a similar affordable level; and <br /> <br />WHEREAS, at its meeting of November 18, 1997, the City Council reviewed the report of the <br /> Housing Division (SR 97:332) regarding the affordable housing program for the <br /> Ray Street Village project; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: Council approves an affordable housing program for the Ray Street Village project <br /> as described below: <br /> <br /> · The affordable units will be sold initially at a price not to exceed $200,000. <br /> <br /> · The maximum household income for eligible buyers will be 100% of the <br /> area median income level (currently $60,100 for a household of four). <br /> <br /> <br />