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Alameda County Housing Authority Reserves In addition to their allocations of Section 8 Certificates and Vouchers and conventional public housing units, the Housing Authority has local reserve funds. The local reserves may be used for housing purposes consistent with state and local laws. Most of these reserves are set aside to cover cash flow and administrative costs and to pay for shortfalls in conventional public housing. However, some funds are set aside to develop affordable housing. City Development Fee Waivers The City may waive, on a case by case basis, City development fees for projects (or portions of projects) which include the construction oflower income units, either rental or ownership. The City has used this incentive to promote the construction of numerous major affordable housing developments since the 1980's. Recent City fee waivers are summarized in the following table: Project Name Year Rentl Total Aft. Perc. Aftordability Total Waiver I Subsidy Built Sale Units Units Aft. Level Subsidy Per Aft. Unit Stanley Senior Apts. 1997 Rent 86 86 100% LowNery Low $1,280,000 $14,884 The Promenade Apts. 1997 Rent 146 68 47% Low $1,719,820 $25,291 Town Square 1998 Sale 30 3 10% Moderate $156,132 $52,044 Atchstone Hacienda Apts. 2001 Rent 540 135 25% Low $2,241,540 $16,604 Nolan Farms 2001 Sale 36 5 14% Very Low $264,090 $52,818 Greenbriar I Bernal Property 2002 Rent/Sale 581 87 15% LowNery Low $2,077,764 $23,882 Ponderosa 1 Busch Property 2005 Rent/Sale 362 138 38% LowNery Low $1,486,516 $10,772 Assisted Living Facility 2006 Rent 105 31 30% Very Low $3,771,300 $121,655 $12.997.162 TOTAL $23.503 AVERAGE As noted in the table, the City recently approved a waiver of approximately $1.5 million in City fees for the I 72-unit senior apartment project that was recently completed on the Busch property in east Pleasanton. In 2003, the City Council also approved a waiver of $271,300 in City fees for the assisted living facility that is currently under construction on Sunol Blvd. In addition, the City is providing the land for the project (a 3.6 acre site valued at $3.5 million) and $2.49 million in predevelopment and permanent loans, for a total of over $3.77 million in City assistance. The City will consider future requests for fee waivers on a project-specific basis. City Lower Income Housing Fee The City has established a fee which may be paid by developers in lieu of constructing new affordable housing. In late 1998, the City completed an updated nexus study which Action Plan - FY06 City of Pleasanton Page 8