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AFFORDABLE HOUSING AGREEMENT <br /> This AGREEMENT is made this Zt!day of OcAk ✓' , 2000, by the CITY OF <br /> PLEASANTON, a Municipal Corporation("City"), and GHC Bernal Investors, LLC <br /> ("Developer"). <br /> Recitals <br /> A. Developer has obtained all necessary entitlements to develop a mixed use and <br /> residential housing project consisting of 100 apartment units, 481 single family <br /> residential units, and a commercial retail project(collectively the Project). <br /> B. Developer and the City wishto make a certain number of the residential units within the <br /> Project available to households with incomes less than the Area Median Income as <br /> defined in Recital C. <br /> C. Area Median Income shall mean the area median income for the Oakland Primary <br /> Metropolitan Statistical Area adjusted for family size in accordance with adjustment <br /> factors adopted and amended from time to time by the United States Department of <br /> Housing and Urban Development(HUD) pursuant to Section 8 of the United States <br /> Housing Act of 1937 or any successor statute. <br /> NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br /> conditions contained herein, City and Developer agree as follows: <br /> l. Of the 100 apartment units. Developer shall make available for rent 20 units for <br /> households with income at 50% of the Area Median Income and shall make available for <br /> rent 11 units for households with income at 80% of the Area Median Income. <br /> A. Rents shall be based on two persons per one bedroom unit, four persons per two <br /> bedroom unit, and six persons per three bedroom unit. <br /> B. The monthly rent for each of the 20 units available for households with income at <br /> t <br /> 50% of the Area Median Income shall not exceed one-twelfth of 30%of the <br /> household income multiplied by 50% of the Area Median Income. <br /> C. The monthly rent for each of the 11 units available for households with income at <br /> 80% of the Area Median Income shall not exceed one-twelfth of 30%of the <br /> household income multiplied by 80% of the Area Median Income. <br /> D. If HUD fails to issue revised median household income statistics for the Oakland <br /> Primary Metropolitan Statistical Area within 15 months of the previous revision, <br /> rents for units referred to in this Section 1 may be adjusted based on the annual <br /> percentage increase in the San Francisco-Oakland Consumer Price Index for <br /> urban wage earners and clerical workers. <br /> Page 1 <br />