CITY COUNCIL AGENDA PACKET - Laserfiche WebLink

Page 6 of 8 ft) would be replaced with 18 larger one-bedroom units (645 sq ft) at the Eaves Pleasanton property. In general, one-bedroom units are preferred over studio units because they provide more flexible living arrangements for a broader range of household types. • While the one-bedroom and two-bedroom units at Eaves Pleasanton are older (built in 1988) and smaller in size (Eaves one-bedroom units are 645 sq ft compared to the proposed 690 sq ft Avalon one-bedroom units; Eaves two-bedroom units are 972 sq ft compared to the 1,140 sq ft two-bedroom unit at Avalon), the 45 units at Eaves Pleasanton would be restricted at much deeper affordability levels. The number of units at the very low-income 50 percent AMI level increases from 9 units to 22 units (a net of 13 more units). There would no longer be units restricted at the 80 percent AMI limit (previously there were 17 units at this affordability level); instead, there will be 23 units restricted at the deeper 60 percent AMI (low-income) limit. The number of units restricted at the median income 100 percent AMI level is also reduced from 25 units to now only include the six (6) three-bedroom units. Table 4 below illustrates the deeper affordability levels. Table 4: Affordability Levels Comparison Very Low Income (50% of AMI) Very Low Income (60% of AMI) Low Income (80% of AMI) Median Income (100% of AMI) 2024 Original Modifications 9 0 17 25 2025 "Alternative Proposal" 22 23 0 6 Overall Change +13 +23 -17 -19 Moving the 45 affordable units (22 very low-income at 50 percent AMI units and 23 low-income units at 60 percent AMI units) to the existing Eaves Pleasanton property would also result in the Developer delivering the required affordable units more quickly. The Developer is projecting a 15-month timeline (based on an estimated turnover of three units a month) to provide the 45 units at Eaves Pleasanton, compared to the more than two years it will take to construct and lease up the Avalon Pleasanton multifamily Podium Building. The Developer is projecting to begin to deliver the affordable units at Eaves Pleasanton beginning in September 2025 after the Second Amendment to the AHA is executed. All affordable units at Eaves Pleasanton are expected to be delivered approximately 11 to 12 months before the earliest occupancy at Avalon Pleasanton. Due to the shortage of affordable housing in Pleasanton, staff believe it is in the City's best interest for the affordable units at Eaves Pleasanton to be available to eligible households sooner, rather than waiting more than a year before the affordable units are constructed and delivered at Avalon Pleasanton. The 45 units at Eaves Pleasanton have kitchens and bathrooms that were fully renovated approximately 15 years ago, and will have new carpet and flooring and be repainted prior to the units being offered to income-eligible households. These units shall also be dispersed Page 80 of 694