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Attachment 2 AMF.NDMEN'T #2 AFFORDABLE HOUSING AGREEMENT WITH PONDEROSA HOMES II, Inc. 'I~E IIS AMENDMENT #? TO THE AFFORDABI,F. HOUSING AGREEMENT amends the Affordable Ilousing Agreement bcriveen the parties executed on May 6, ?003 ("the Agreement"). as first amended on December . ?004, and is made and entered on April 18, ?007, beriveen the City of Pleasanton, a municipal corporation ("City"), and Busch Gardens Inverters, I,P. a California Partnership ("Owner'). WITNESS'1'H: A. Owner and City desire to execute this Amendment #2 to the Agreement for the purpose of establishing a rent reduction grant program. B. Section 5 of the Agreement requires Owner to cooperate with City to make units more affordable than those provided in the Agreement. NOW, "I~HF,REFORE, in consideration of the mutual covenant, agreements and conditions contained herein, City and Owner agree as follows: Section 1. The Agreement is hereby turther amended to include a new Section 1? as follows: Section 12. Cily will provide Owner an annual tinancial grant that shall be used to establish a rent reduction grant program to annually reduce the monthly rent payment for five (5) tenant/households to au amount as set in subsection c. below. The annual financial grant shall be in conformance with the following: a. The annual tinancia4 grant amount shall be equal to the difference between the monthly rent (times 12) for the five (>) one bedroom units at the Post 1989 - 60% Income level for Alameda County as published annually by the 'fax Credit Allocation Committee (`the TCAC") and as set forth in Section 1 (C) of the Agreement (the "60% TCAC Rent") and the monthly rent (times 12) for five (~) units at the Post 1989 - 40% Income I.cvel for Alameda County (AMI) level as published annually by the TCAC (the "40°'0 TCAC Rent.") In the event the TCAC does not publish the rent amounts, the rents shall be based on one-twelfth of 60% and 40% respectively of the Area Median Income (°thc AMI") eflective May 1st Ibr asingle-person household multiplied by 30°0 (the "Financial Grant Fornnd~i'). The initial tinancial grant and Financial Grant Formula arc set forth iu Attachment A. b. Owner shall invoice City in June of each year for the annual financial grant amount or an amount developed by applying the Financial Grant Formula. The invoice shall cover the period of July 1 to ,lone 30 of each year. The annual tinancial grant amount or the Financial Grant Formula may not increase more than four percent (4%) annually as set forth in Attacht~~ent A. In the event the anmial tinancial grant amount or the Financial Grant Formula results in an increase in excess of four percent, Owner may include any Past I of d