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Pleasanton Greens ha~ a Section 8 rental subsidy subject to renewal <br />in August 1992. <br /> <br />Both Stoneridge Apartments and Hacienda Gardens are private <br />apartment complexes. 'StoneridgeApartments contains housing for 78 <br />low-income households, and Hacienda Gardens contains 69. Assisted <br />units in both projects are provided by the owner through <br />contractual agreement with the City consistent with the Growth <br />Management Program. Both contracts are effective for ten years <br />ending in 1998. <br /> <br />As shown in the comprehensive inventory matrix, Vintage Terrace is <br />a private apartment complex containing 27 units which were <br />previously reserved for low-income households. The assisted units <br />were provided througha contract between the City and the developer <br />consistent with the Growth Management Program. The contract was <br />effective for a seven year period of time terminating in June of <br />1991. The apartment owner is currently in the process of <br />converting the affordable units to market rate housing. Since the <br />use restrictions terminated prior to the current Housing Element <br />target date (July 1, 1992) they are considered as lost rather than <br />at risk. <br /> <br />In s-~mary, by the year 2000, use restrictions on 278 existing <br />units (Pleasanton Greens, Stoneridge Apartments and Hacienda <br />Gardens) are due to expire, thus, allowing for possible conversion <br />to market rate rentals. Of this total, none are at risk by 1995. <br />Ail are at risk by the year 2000. <br /> <br />II. COST ARTiLYSIS OF PRODUCING NEW UNITS V~RSUS PRE$~VZNG <br /> Existina AT-RISK ~IIITS <br /> <br />The purpose of this section is to first estimate the total cost of <br />~new rental housing comparable in size and rent with units <br />which could convert, and then to estimate the cost of preserving <br />the existing assisted units. <br /> <br />Cost of Produoing New Assisted Rental Housing <br /> <br />In estimating the cost of producing new rental housing in <br />Pleasanton, the following assumptions were made: <br /> <br />Development of a rental apartment complex of 100 units <br />with. a density of 20 units per acre, and consisting of: <br /> <br />40, 1-bedro°m units containing 600 square feet of. <br />floor area, <br />40, 2-bedroom units containing 900 square fee= of <br />floor area, 'and <br />20, 3-bedroom units containing 1,100 square feet of <br />floor area; <br /> <br />- 4 - <br /> <br /> <br />