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EXHIBIT K <br />AFFORDABLE HOUSING AGREEMENT <br />This AGREEMENT is made this day of , 2007, by the CITY OF <br />PLEASANTON, a Municipal Corporation ("City"), and Jennifer Lin, Frederic Lin, and Kevin <br />Lin and/or their assignee acquiring title to the underlying land ("Developer"). <br />Recitals <br />A. Developer is the owner of approximately 562 acres of real property located at 1400 <br />Hearst Drive, near the present terminus of Hearst Drive, to the south of Vintage Hills and <br />Grey Eagle Estates, and to the east of Kottinger Ranch, incorporated herein by reference <br />("Property"). <br />B. Developer has obtained City approval (PUD-33) to develop the Property into 51 custom <br />home sites and designate the remaining 496-acres for permanent open space ("Project"). <br />C. The City's Inclusionary Zoning Ordinance permits the construction of affordable housing <br />units off-site to meet the City's affordable housing needs. <br />D. Due to the nature of the Property and the Project, the City and Developer have agreed <br />that the construction of 20 affordable units off-site represents the best way to meet the <br />City's affordable housing needs for the Project. <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Developer agree as follows: <br />Within the time frame provided herein, Developer shall provide twenty (20) affordable <br />units at an off-site location or locations as approved by the City. <br />2. The 20 affordable units shall remain affordable in perpetuity and shall be allocated by <br />affordability level as follows: <br />a. Five (5) units at a level affordable to "very low income" households at 50% of the <br />Area Median Income (AMI); <br />b. Ten (10) units at a level affordable to "low income" households (80% of AMI); <br />and <br />c. Five (5) units at a level affordable to "moderate income" households (120% of <br />AMI). <br />3. The tenure of the units (i.e., ownership vs. rental) shall be determined by the City, in <br />consultation with the Developer, when a specific property(ies) is identified. <br />4. Developer shall work with the City's Housing Division to establish the affordable rents <br />and/or sales prices for the affordable units in accordance with the affordability levels <br />established above. <br />