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2 <br />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 at or below 100% <br />of the Area Median Income at the Developer’s new Avalon Pleasanton (Avalon) property, as <br />set forth herein. The Affordable units shall be consistent with the following: <br />A.The Affordable unit mix, consisting of forty-five (45) units at the Eaves property and six (6) <br />units at the new Avalon property, shall be as follows: <br />Unit Type Very Low Income <br />(50% of AMI) <br />Low Income <br />(60% of AMI) <br />Median Income <br />(100% of AMI) Total <br />1 Bedroom (Eaves) 14 14 0 28 <br />2 Bedroom (Eaves) 8 9 0 17 <br />3 Bedroom (Avalon) 0 0 6 6 <br />Total 22 23 6 51 <br />C. The monthly rent for each of the Affordable units shall be calculated based on the <br />following: <br />(I) The six (6) Affordable units at Median Income shall not exceed one-twelfth of <br />100% of the Area Median Income adjusted for the household sizes listed in <br />Section B above, multiplied by 30%. <br />(ii) The twenty-three (23) Affordable units at Low Income shall not exceed one- <br />twelfth of 60% of the Area Median Income adjusted for the household sizes listed <br />in Section B above, multiplied by 30%. <br />(iii)The twenty-two (22) Affordable units at Very Low Income shall not exceed <br />one-twelfth of 50% of the Area Median Income adjusted for the household sizes <br />listed in 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 />Page 87 of 694