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<br />However, by way of example, the two most recently sold Below-Market Rate single-family units
<br />in Pleasanton were priced at $360,450 (a 3-bedroom/2.5-bathroom unit, at 80% AMI sold in
<br />2022) and $550,511 (a 2-bedroom/2.5-bathroom, at 120% AMI, sold in 2023). Note that the
<br />two-bedroom unit was more expensive than the three-bedroom unit, based on when the units
<br />were previously sold – the smaller unit had previously been sold more recently than the larger
<br />unit. Its price with allowable adjustments was correspondingly higher.
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<br />Table 2: Example Affordable Rents
<br /> MAXIMUM MONTHLY RENT
<br />Size/Type Extremely Low Very Low Low Low Median Moderate
<br />of Unit (30%) (50%) (60%) (80%) (100%) (120%)
<br />Studio $818 $1,363 $1,635 $2,115 $2,725 $3,270
<br />1 BR $935 $1,558 $1,868 $2,416 $3,114 $3,738
<br />2 BR $1,051 $1,753 $2,102 $2,719 $3,504 $4,204
<br />3 BR $1,168 $1,946 $2,336 $3,020 $3,893 $4,671
<br />
<br />Affordable housing units are deed-restricted (i.e., legally limited through recordation of a
<br />restriction against the property) to income-eligible individuals or households, typically for a
<br />period of no less than 55 years. Local ordinances may require longer periods, as in the case of
<br />the City’s Inclusionary Zoning Ordinance, which requires affordability in perpetuity.
<br />
<br />Affordable housing developments fall into a broad range of types: they may include for-sale or
<br />rental, single-family or multifamily (apartment) units. And those units can serve different
<br />populations, including seniors, families, formerly unhoused individuals, veterans, or people
<br />with disabilities, often with services for residents included (“supportive housing”). Affordable
<br />housing may also be intended for permanent or transitional (temporary) use, be located as a
<br />subset of units within a larger, market-rate project, or be within a dedicated, 100% deed-
<br />restricted property. These options are discussed in more detail below.
<br />
<br />History of Affordable Housing Development in Pleasanton
<br />There are currently 1,104 affordable rental housing units in Pleasanton, located among 16
<br />housing projects and 141 affordable ownership units. Another 22 “units” (rooms) are located
<br />within group homes operated by Tri-Valley REACH. Attachment A provides a comprehensive
<br />summary of the City’s below-market rate (BMR) inventory.
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