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P23-0480 & Tract 8680, 3300 Busch Road Planning Commission 12 of 29 (low-income) of the Area Median Income. This represents an inclusionary percentage of approximately 24.51 percent. As described above, all the proposed affordable units would be provided within Village 4, in a complex of four 3-story buildings with a community building and outdoor amenities. The proposal includes the following affordability levels: ▪ A minimum of 25 percent of the Affordable Units shall have rents set at no more than 30% to 50% of AMI (as defined below) for households with incomes up to 50% of AMI (Very Low-Income Units). ▪ A minimum of 25 percent of Affordable Units shall have rents set at no more than 30% of 60% of AMI for households with incomes of 51% to 60% of AMI (Low -Income Units). ▪ A maximum of 50 percent of Affordable Units shall have rents set at no more than 30% of 80% of AMI for households with incomes of 61% to 80% of AMI (also Low -Income Units). Units would be distributed among one-, two-, and three-bedroom units, ranging in size from approximately 510 square feet to 1,060 square feet. Per the PMC, an Affordable Housing Agreement is required to document the proposed approach to meeting the IZO and related requirements of the ODS. In the case of this project, some aspects of the affordable housing approach deviate from the strict requirements of the IZO, particularly with respect to phasing/timing of the provision of the units. The alternative phasing and timing are necessary to address the specific manner in which these units will be constructed and built, which may include a third-party affordable housing developer and use of tax-credit funding to support the financing and construction of the units. ANALYSIS General Plan Conformance The project site has a Housing Element Sites Overlay (HESO) land use designation in the General Plan and is zoned I-G-40 (General Industrial) with a Housing Opportunity Zone (HOZ) overlay adopted by City Council Ordinance No. 2272, which allows residential development at the density prescribed in the Housing Element. The Kiewit site (Housing Element Site 21) includes two separate subareas. As illustrated in the Housing Element Appendix B, Sites Inventory and Methodology, the site is shown as having an approximately 5-acre area designated at 30 dwelling units per acre, and the remainder designated at a density of 8-13 du/acre. The proposed market-rate project would have a density of 8.1 du/ac, based on 310 units on approximately 38.25 gross developable acres, and the affordable housing project would have a density of 35.9 du/ac, based on 102 units on approximately 2.84 gross developable acres. The affordable housing component of the Project would have a density of 35.56 du/ac, based on 101 units on approximately 2.84 gross developable acres, exceeding the maximum allowable density by 20 percent. §65915(b)(1) and §65915(b)(2) of the California Governmental Code regarding density bonus allow a 50-80 percent increase in project densities for affordable housing projects, depending on the project’s affordable levels. The Project’s affordable housing component would provide 100 percent of the housing units (other than manager’s units) to households with incomes at or below 80 percent (low-income) of the