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that will be adjusted based on changes in the Area Median Income. The unit has a floor area of 1,057 square feet. The affordable unit will be subject to restrictive covenants restricting future sales prices for perpetuity. The unit will be marketed in accordance with the City's existing agreement with the Tri-Valley Housing Opportunity Center (NHOC) which maintains a list of eligible and qualified prospective buyers. The TVHOC administers the list based on the City's Preference System. The developer will reimburse the City for the cost of application processing (currently $100 per application reviewed plus 0.4 percent of the cost of the house sales price to process documents for the successful buyer). The affordable unit will be of similar quality as the market rate units and will remain affordable in perpetuity through the recordation of the City's standard restrictive covenants document that has been used in prior projects. Staff is pleased with this proposal given that the IZO would not require the provision of an affordable unit within this small project. Staff believes that the value of adding another unit to the City's stock of below-market ownership housing significantly exceeds the value of the $93,930 in fees that would normally be collected from a project of this type. The similarity with the recent Birch Terrace affordable housing plan makes this project straightforward, and the currently arrangement with the TVHOC will ensure that the affordable unit will be sold in a timely manner to an eligible household. Planning Commission Action The Planning Commission reviewed this project at a public hearing on February 27, 2008 (Please see Attachment 6, Excerpts of the Planning Commission Meeting Minutes). The applicant was present to answer the Commissioners' questions. One neighbor testified in favor of the proposed project. The Planning Commission modified the conditions as proposed by staff, adding that the garage area be exclusively used for parking, that a new fence be constructed along the west property line to replace the existing one, and that the applicant consider adding a common play area. The Planning Commission voted 3-0 to recommend approval of the proposed project to the City Council, with the modified conditions of approval. HousincLCommission Action The Housing Commission reviewed this project and Agreement on February 21, 2008. The Commissio approval of the proposed development to the City Council the draft Affordable Housing n unanimously recommended Page 10 of 11