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~~ ~ <br />AGREEMENT FOR AFFORDABLE HOUSING UNITS <br />AT ~'HE "TOWN SQUARE" SUBDIVISION (TRACT 6947) <br />This AGREEMENT is made and entered into this c.~6~'day of T(U 1998, by <br />and between the CITY OF PLEASANTON, a Municipal Corporation (hereinafter referred to as <br />"City"), and KAUFMAN AND BROAD SOUTHBAY, INC., a California Corporation. <br />Pleasanton, California (hereinafter referred to as "Developer"). <br />WITNESS: <br />A. Developer has a residential housing development project called Town Square <br />(Tract 6947), Pleasanton, CA. <br />B. The City and Developer have agreed to use the Pleasanton Homeownership Assistance <br />Program (PHAP) for three of the 30 units of this development, by which said three units <br />~ would be deemed "affordable." <br />C. Developer has three various models within the development, designated as "Plan l," <br />"Plan 2," and "Plan 3," the smallest of which is the 1,270 sq. ft. "Plan 2" model. <br />D. As part of the PHAP, City and Developer agree that it is mutually beneficial to maintain a <br />relationship between the initial sales price of the three affordable homes which are part of <br />the PHAP and the sales price of market priced model "Plan 2" homes within the project. <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Developer agree as follows: <br />1. The affordable units will be sold at a maximum sales price of $200,000. In the event the <br />Developer provides any credits, rebates, or other incentives approved by the City <br />designed to further increase the affordability of the affordable units, said payment shall be <br />deducted from the original sales price used to calculate the future maximum eligible sales <br />price for any future resales. <br />2. The maximum household income for eligible buyers will be 100% of the area median <br />income level as adjusted annually by the U.S. Department of Housing and Urban <br />Development (HUD). The applicable current income limits by household size are listed <br />in the following table (HUD, January 1998): <br />Page 1 <br />