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LE ASANTON© Attachment 2 Housing Commission Agenda Report January 25, 2018 Item 4 SUBJECT: Review an allocation not to exceed $7,195,844 from the City of Pleasanton's share of Alameda County Measure Al Housing Bond Funds to Satellite Affordable Housing Associates (SAHA), a California nonprofit public benefit corporation, to provide assistance in financing the construction of Sunflower Hill, an affordable rental housing for residents with special needs; and ratify the appropriation of $2,250,000 in Lower - Income Housing Funds for the project RECOMMENDATION Review the project and recommend that the $7,195,844 from the City's "Base City Allocation" Alameda County Measure Al Housing Bond be allocated to assist in the construction of Sunflower Hill which will provide 31 affordable special needs rental housing units; and ratify the appropriation of $2,250,000 in Lower -Income Housing Funds for the project. ATTACHMENTS 1. Sample Elevations for Sunflower Hill 2. Exclusive Negotiating Rights Agreement 3. Lower -Income Housing Funds loan documents: Disposition, Development and Loan Agreement; Regulatory Agreement; Ground Lease; Loan Agreement with Promissory Note and Deed of Trust BACKGROUND Irby Ranch project In February 2017, the City Council approved the Irby Ranch project, a Planned Unit Development plan (PUD -110), General Plan Amendment, Downtown Specific Plan Amendment, Rezoning, Vesting Tentative Map, Growth Management Agreement, Affordable Housing Agreement, and Development Agreement allowing for the construction of 87 market - rate single-family homes and the set-aside of land for a future affordable residential community for individuals with special needs. The site plan for Irby Ranch is shown below in Figure 1. To meet the City's Inclusionary Zoning Ordinance (IZO) requirements, the developer is required to dedicate the subject 1.64 -acre property to the City as well as contribute $1,000,000 to the City to support the development of affordable housing on-site as outlined within the previously approved Development Agreement and Affordable Housing Agreement (AHA) for PUD -110.