RES 81265 - Laserfiche WebLink

DATE: TO: SUBJECT: 8-6-81 City Council Members Pleasanton, California City'Manager - James Walker City Attorney - Harvey Levine Planning Dept. - Bob Harris Affordable Housing for lower Moderate Income Families in City of Pleasanton thru approval of PUD 81-6 and subsequent exemption from RAP procedures. The above referenced development is designed to meet criterion of family income limits as set forth paragraph two, page five, of staff report 12H dated July 8, 1981. Analysis of those limits reveal that such elements as Pleasanton Police Officers $18,984 - $23,148 per annum, Fireman $18,348 - $22,332 per annum and Elementary Teachers $12,618 to 12 year service and educational equivalent of $25,612 fall into the moderate income category and in need of affordable housing. Moderate income housing has been classified as being for household which make no more than 120% of regional median household income. Lower Income has been established as 80% of regional median household income by HUD statistics. Regional median income is approximately $25,500 or as established by HUD at time of occupancy of unit. Therefore, we propose to provide affordable entry level housing for people in lower and moderate income classification as follows:' A) 30% of Development or 34 units programmed and reserved for lower and moderate income as follows: 1) 22 units as selected randomly by Builder- Developer from those in units B-1 thru and including B-9 inclusive - to be retained as rentals for people in lower income category. All other units in Section B with exception of those to be sold as said herein previously, will be sold or retained and added to the rental market. Rent for lower and moderate income to be scaled within guidelines established for same (i.e. semi- detached t0wnh0mes for San Jose-Oakland Market Area; interpolated) per Federal Register Vol 45, No. 8, January 11, 1980 for region IX San Francisco as adjusted. Rental rate to equal 25% of income for lower income family for not more than 80% of medium income for the regional medium to be established by HUD statistics at the time. of occupancy. Rents may be adjusted annually to reflect HUD statistics. This will be for a five year period.