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~q~~~ yfr~ ~ ATTACHMENT 4 <br />DRAFT <br />Recorded at the Request of <br />The City of Pleasanton <br />When recorded, return to: <br />City of Pleasanton <br />P.O. Box 520 <br />Pleasanton, CA 94566 <br />AFFORDABLE HOUSING AGREEMENT <br />This AGREEMENT is made this day of , 2007, by the CITY OF <br />PLEASANTON, a Municipal Corporation ("City"), and CREA/WINDSTAR <br />PLEASANTON,LLC ("Developer"). <br />Recitals <br />A. Developer has entered into a Ground Lease with the San Francisco Bay Area Rapid <br />Transit District for 6.98 acres of certain real property more particularly described in <br />Attachment 1 attached hereto and incorporated herein by reference (the "Property"). The <br />effective date of the Ground Lease is March 10, 2006. <br />B. For the Property, Developer has obtained all necessary entitlements to develop a mixed <br />use and residential housing project consisting of 350 apartments and approximately <br />14,000 square feet of commercial/retail development. (collectively the "Project"). <br />C. Developer and the City wish to make a certain number of the apartment units within the <br />Project available to households with incomes at or below e fifty percent (50%) (very-low <br />income) of the Area Median Income. <br />D. Area Median Income shall mean the area median income for the Oakland Primary <br />Metropolitan Statistical Area adjusted for family size in accordance with adjustment <br />factors adopted and amended from time to time by the United States Department of <br />Housing and Urban Development (HUD) pursuant to Section 8 of the United States <br />Housing Act of 1937 or any successor statute. <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Developer agree as follows: <br />1. Of the 350 apartment units, 70 shall be "Affordable" units. Developer shall make <br />available for rent all Affordable units for households with income at or below 50% of the <br />Area Median Income. The Affordable units shall be consistent with the following: <br />A. Rents shall be based on one-person households for one-bedroom units and two <br />person households for two bedroom units. <br />Windstar Mar 2008 HC Item Sc Windstar Att 1 AHA.3.20.08. All Very Low. Revised. WO Markings.doc. Amended on 3.20.08 <br />Page 1 of 4 <br />