Laserfiche WebLink
Section 1. Section 1 (A), Section (C), and Section (F) of the Original Agreement are amended in <br />their entirety as follows: <br />Section 1. Of the 336 apartment units, 51 shall be "Affordable" units. Developer <br />shall make twenty-two (22) Affordable units available for rent to households at or below 50% <br />of the Area Median Income and twenty-three (23) Affordable units available for rent to <br />households at or below 60% of the Area Median Income at the Developer's Eaves <br />Pleasanton (Eaves) property, and six (6) Affordable units available for rent or below 100% <br />of the Area Median Income at the Developer's new Avalon Pleasanton ( * "n) property, as <br />set forth herein. The Affordable units shall be consistent with the foil <br />o <br />A. The Affordable unit mix, consisting of forty-five (45) at ves property and six (6) <br />units at the new Avalon property, shall be as follows: <br />Very Low Income Low In r, Me <br />Unit Type )!an Income <br />Total <br />(50/of AMI) (60//of AMI) <br />1 Bedroom (Eaves) 14 14 0 28 <br />3 � s <br />( � 1 <br />3 2 Bedroom (Eaves) 8 0 17 <br />3 Bedroom (Avalon) 0 6 6 <br />i <br />Total3 6 51 <br />>. <br />;�> <br />C. The mon t <br />each of tordable units shall be calculated based on the <br />6) ble units at Median Income shall not exceed one -twelfth of <br />100°/a a reap an Income adjusted for the household sizes listed in <br />Section B e, m ` lied by 30%. <br />(ii) The twe " ree (23) Affordable units at Low Income shall not exceed one - <br />twelfth of 60.1 f the Area Median Income adjusted for the household sizes listed <br />Section ave, multiplied by 30%. <br />he two (22) Affordable units at Very Low Income shall not exceed <br />o` of 50% of the Area Median Income adjusted for the household sizes <br />liste Section B above, multiplied by 30%. <br />F. Forty-five (45) Affordable units (22 very low-income units and 23 low-income <br />units) shall be dispersed throughout the Eaves Pleasanton property unless <br />otherwise approved in writing by the City Manager. The 45 Affordable units <br />identified above shall not be fixed in the Eaves property and may change <br />depending on vacancies. The 45 Affordable units shall have new carpets and <br />flooring and be repainted at the time of delivery. The kitchens and bathrooms <br />were fully renovated in 2009 and 2010 and therefore will not be renovated at <br />the time of delivery. Five (5) of the 3 -bedroom Affordable units (median <br />income) shall be located within the Garden Walk-up buildings of Avalon <br />2 <br />