RES 81028 - Laserfiche WebLink

3851 Vineyard Avenue Pleasanton, CA 94566 84S-4567 February 10, 1981 Members of the Pleasanton City Council 200 Bernat Avenue Pleasanton, CA 94566 Subject: Request for Approval of "Shadow Creek" Project Low-lncome Housing Agreement Dear Honorable Council Members= During your June 24, 1980, meeting you unanimously approved the Development Plan for the 48-unit multiple family project on Vineyard Avenue called "Shadow Creek." On November 24, 1980, at your meeting you also unanimously approved this project be exempt from the RAP subject to a subsequent agreement between the City and the developer. We cannot commit to more than 20 percent of the units being available to low-income people because of the following: (a) The current highly unfavorable economic conditions. Little factual data is available which indicates that these conditions will improve significantly in the next eight to twelve months. (b) The higher the percentage of lower-income units, the lower the marketability of the remaining units. We is I0 units. propose the following agreement for 20 percent of the 48 units, which Each of the 10 units will be singularly owned or co-owned. The single owner or one of the co-owners will be a person or a family that satisfies the latest ABAG definitions of low income at the time of the sale. (Co-ownership means a low-income person or family and an investor share the ownership, monthly payments, and tax benefits to their mutual advantages.) The low-income person or family must occupy the unit. A local bank or local savings and loan institution will determine if the low-income applicant satisfies the low-income criteria and will then notify the City in writing.