06 ATTACHMENT 07 - Laserfiche WebLink

ATTACHMENT 7 AFFORDABLE HOUSING AGREEMENT This Agreement is made this , 2008, by the City of Pleasanton, a Municipal Corporation ("City"), and Vineyard Gardens, LLC, and/or its assignee acquiring title to the underlying land ("Developer"). RF.('.TTAT,4 A. Developer has obtained all necessary entitlements to develop a residential housing project consisting of a ten-unit townhouse project located on a 0.876-acre site at 3835 Vineyard Avenue (the Project). B. Developer and the City wish to make a certain number of the Project units available to Low Income Households as defined in Recital C. C. Low Income Household shall mean a household with an income at eighty percent (80%) of the Area Median Income for the Oakland Primary Metropolitan Statistical Area adjusted for household size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development (HUD) pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Developer agree as follows: I. Of the ten (10) residential units, one (1) unit shall be available for a Low Income Household. The Low Income Household unit shall be provided and marketed as follows: A. The one unit for a Low Income Household shall be made available at an initial sales price of $205,000. The Low Income Household unit shall be consistent with. "F Unit" as shown in Attachment A except that it shall be modified to include a bathroom downstairs subject to approval by the Planning Director. If the Area Median Income as set forth in Recital C increases between the date of this Agreement and the date the Developer obtains the initial building permits for the project, the initial sales price for these units will be adjusted by increasing the initial sales price at a percentage rate equal to the percentage rate increase in the Area Median Income. B. Exterior finishes, including materials and landscaping, shall be consistent with the market rate units in the Project. Interior amenities including appliances, carpeting, electrical and plumbing fixtures, hardware and countertops, etc., for the Low Income Household unit shall be of high quality as specified and approved by the City, provided that the City shall not require specification levels that exceed those of the market rate units. C. The Project shall be exempt from the City Lower Income Housing Fee for all ten (10) units. Page 1