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Ordinance No. <br />Page 8 of 32 <br /> <br />P24-0505, Pleasanton Municipal Code Amendments City Council, November 17, 2024 <br />Exhibit A, PMC Amendments, Page 8 <br />"Household, moderate income." A household whose annual income is more than 80 percent <br />but does notnote exceed 120 percent of the AMIannual median income for Alameda County, <br />based upon the annual income figures provided by HUD, as defined by this chapter. <br />"Household, very low income." A household whose annual income does not exceed 50 percent <br />of the AMI annual median income for Alameda County, based upon the annual income figures <br />provided by HUD, as defined by this chapter. <br />"Inclusionary unit." A dwelling unit as required by this chapter which is rented or sold at <br />affordable rents and/or affordable sales prices (as defined by this chapter) to very low, low, or <br />moderate income households. <br />"Inclusionary unit credits." Credits approved by the city council in the event a project exceeds <br />the total number of inclusionary units required in this chapter. Inclusionary unit credits may be <br />used by the project owner to meet the affordable housing requirements of another project <br />subject to approval by the city council. <br />"Income." The gross annual household income as defined by HUD. <br />"Life of the inclusionary unit." The term during which the affordability provisions for <br />inclusionary units shall remain applicable. The affordability provisions for inclusionary units <br />shall apply in perpetuity from the date of occupancy, which shall be the date the city of <br />Pleasanton performsapproves final inspection for the building permit. <br />"Lower income housing fee." A fee paid to the city by an applicant for a project in the city, in <br />lieu of providing the inclusionary units required by this chapter. <br />“Market-rate units.” means new living units in residential projects which are not rented or sold <br />at affordable rents or affordable sales prices, as defined in this chapter. <br />"Median income for Alameda County." The median gross annual income in Alameda County <br />as determined by HUD, adjusted for household size. <br />"Off-site inclusionary units." Inclusionary units constructed within the city of Pleasanton on a <br />site other than the site where the applicant intends to construct market rate units. <br />"Ownership units." Inclusionary units developed as part of a residential development which the <br />applicant intends will be sold, or which are customarily offered for individual sale. <br />"Project." A residential housing development at one or more location(s) or site(s) includingall <br />dwelling units for which permits have been applied for or approved. <br />"Project owner." Any person, firm, partnership, association, joint venture, corporation, or any <br />entity or combination of entities which holds fee title to the land on which the project is <br />located. <br />"Property owner." The owner of an inclusionary unit, excepting a "project owner." <br />"Recapture mechanisms." Legal programs and restrictions by which subsidies provided to <br />inclusionary units will be controlled and repaid to the city and/or other entity upon resale, to <br />ensure the ongoing preservation of affordability of inclusionary units or to ensure funds for <br />inclusionary units remain within the city's affordable housing program. <br />Page 57 of 658