PC-2024-15 - Laserfiche WebLink

P24-0505, Amendments to Pleasanton Municipal Code and ODS Planning Commission, September 11, 2024 Exhibit A, PMC Amendments, Page 31 the same building) or horizontal mixed use (mixed uses within different buildings on the same site) is allowed. Affordability: All development shall comply with the City’s Inclusionary Zoning Ordinance (IZO), Chapter 17.44 of the Pleasanton Municipal Code.. through Affordable Housing Agreements entered into between the City and each developer; the agreements will be recorded and will run with the land. Inclusionary units shall be deed-restricted to be affordable in perpetuity. Accessory Dwelling Units or Junior Accessory Dwelling Units shall not be permitted to count towards meeting the IZO’s minimum inclusionary requirements. For rental units, the following affordability mix shall be met, reflecting the rent maximums that may be set among any required inclusionary units:  A minimum of 25 percent of inclusionary units shall have rents set at no more than 30% of 50% Area Median Income (AMI) for households with incomes up to 50% AMI (Very Low Income Units)  A minimum of 25 percent of inclusionary units shall have rent set at no more than 30% of 60% AMI for households with incomes of 51% to 60% AMI (Low-Income Units)  No more than 50 percent of inclusionary units shall have rent set at no more than 30% of 80% AMI for households with incomes of 61% to 80% AMI (Low-Income units) Actual rents charged shall follow the published schedule of maximum monthly rents, by size and type of units, as provided and updated annually by the City. Qualifying incomes shall be set at the same levels as those described above (i.e., a qualifying household for a 50% AMI rent-restricted unit shall have a maximum annual income of no more than 50% AMI), with such income limits based on the schedule of income limits based on household size published annually by the City and consistent with the U.S. Department of Housing and Urban Development (HUD) annual adjustment in the AMI for the San Francisco-Oakland-Fremont Metropolitan Statistical Area. In instances where a project proposes to make use of State or Federal programs (e.g., State Housing Density Bonus Law, Low-Income Tax Credits, etc.) then the most restrictive requirements of any applicable income and rent limits established by such programs shall prevail; and for purposes of Density Bonus Law, for low-income households earning 61-80% AMI, the City shall allow, at the applicant’s request, rents to be set at 30% of actual income of such qualifying low-income households. For ownership units, prices shall be set at the following limits to result in a monthly mortgage payment (principal and interest) which does not exceed one- twelfth of 35% of the stated AMI, per Municipal Code Section 17.44.050.F: Docusign Envelope ID: 08C02E88-17AB-4968-82AD-8CC9C436D349