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<br />more practical. The table below illustrates the variance in unit pricing and incomes. <br /> <br />C <br /> <br />. p.. B <br /> <br />omparison ofPotentJal Umt rJCID!! etween Low and Moderate Income Households <br />Income Category Annual Potential 2 Bedroom Unit Price** <br /> Income* <br />Very Low Income (50% AIM) $41,900 $139,000 <br />Low Income (80% AMI) $67,050 $221,000 <br />Moderate Income (120% AMI) $100,550 $336,000 <br /> <br />'Based on HUD Median Income <br />"Based on recently approved affordable agreement for Stoneridge Apartments. <br /> <br />Note that even if the Council approves income limits recommended by the Housing <br />Commission, the IZO provides the flexibility to require only very low and low income units if <br />the Council determines it appropriate for a specific development. As an example, for the Bernal <br />duet homes, the Council restricted affordability to only low income households. However, <br />Council recently approved allowing the 520 units at the condominium project on Stoneridge <br />Mall Road to be sold as individual units on the condition that a mixture of units be made <br />available to moderate and low income households. As staff informed the Planning Commission, <br />the actual level of affordability is often the result of negotiations between the owner and the City <br />depending on the project's unique financials. The current IZO language has provided this <br />flexibility. <br /> <br />FINANCIAL IMPACT <br /> <br />There is not direct financial impact as a result of this item. <br /> <br />Respectfully submitted, <br /> <br />J/ <br /> <br />Steven Bocian <br />Assistant City Manager <br /> <br />~~~~ ~~ <br /> <br />David P. Culver <br />Finance Director <br /> <br />Nelson Fialho <br />City Manager <br /> <br />Attachments: <br /> <br />AttachmentA: Recommended Amended PMC Chapter 17.04 Residential Condominium Conversions <br />Attachment B: Recommended Amended PMC Chapter 17.44 Inclusionary Zoning Ordinance <br />Attachment C: Existing PMC 17.04 Residential Condominium Conversions <br />Attachment D: Housing Commission Minutes Excerpt from August 17,2006 <br />Attachment E: Draft Planning Commission Minutes Excerpt from October 18, 2006 <br />Attachment F: Listing of Existing Condominium and Apartment Developments <br />Attachment G: Information regarding issues related to Condominium Conversions <br /> <br />SR 06:263 <br />Page 6 <br />