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Page 7 of 11 of inclusionary units on the project site. Some examples of alternate methods of compliance appear below. As housing market conditions change, the city may need to allow alternatives to provide options to applicants to further the intent of providing affordable housing with new development projects.” As permitted in PMC Section 17.44.080(D), the Developer is proposing an alternative method of compliance to the IZO. In particular, the Developer is proposing that the multi-family residential units would not be built concurrently with the single-family units, as typically required by the IZO, in order to ensure the tax-credit financing is secured for the construction of the multi-family units. The total of 101 affordable units exceeds the applicable IZO requirement of 62 IZO units. The 101 affordable rental units represent an inclusionary percentage of approximately 24.51 percent, which exceeds the 20 percent IZO requirement. All the proposed 101 affordable units would be provided within Village 4, in a complex of four 3-story buildings with a community building and outdoor amenities. Except with respect to the timing for construction of the units, the proposed unit affordability, mix of unit sizes/bedroom counts, and distribution of the units complies with applicable provisions of the IZO and other City standards. In its review and approval of the overall project, the Planning Commission determined that the design of the project would comply with all applicable design and development standards, except as modified by the requested and approved waivers and concessions permitted under State Density Bonus Law. The affordable housing component is proposed to be developed by a third-party specialized affordable housing developer, with the site deeded by the applicant to the affordable developer for that purpose. Staff notes that while not a provision of the Affordable Housing Agreement, since they represent private agreements/commitments between the applicant and affordable housing developer, in addition to conveying the site and improving it to be “shovel ready”, the applicant has indicated they would contribute $3 million to the Affordable Housing Developer to subsidize the construction of the multi-family affordable rental housing development. Affordable Housing Agreement To satisfy the requirements of the IZO and the related requirements of the ODS, as well as those under the SDBL, the City and Developer desire to enter into an agreement to further memorialize the Developer’s commitment to construct the affordable units, pursuant to the terms and conditions of the Project Approvals and in accordance with SDBL and the IZO. The Draft AHA is included as Exhibit A of the Resolution provided as Attachment 1. Some of the key terms in the proposed Affordable Housing Agreement (AHA) are listed below: • The 102-unit multi-family project shall have the following bedroom mix: 1 Bedroom 2 Bedroom 3 Bedroom Total Units Number of Units 45 26 31 102 The affordability restrictions, as specified in the Pleasanton January 2023 Objective Design Standards (ODS) for Housing Site, shall be as follows: Page 120 of 682