SILVERSTONE COMMUNITIES - Laserfiche WebLink

building permits for the Project, the initial sales price for these units will be adjusted by increasing the initial sales price at a percentage rate equal to the percentage rate increase in the Area Median Income. . C. Exterior finishes, including materials and landscaping, shall be consistent with the market rate units in the Project. Interior amenities including appliances, carpeting, electrical and plumbing fixtures, hardware and countertops, etc., for the Low Income Household units and the Moderate Income Household units shall be of high quality as specified and approved by the City,provided that the City shall not require specification levels that exceed those of the market rate units. D. The Project shall be exempt from the City Lower Income Housing Fee. E. City shall, with Developer's cooperation, assume the responsibility for marketing the units for the Low Income Households and the Moderate Income Households. Developer shall reimburse the City for the reasonable cost of processing such applications for the units for the Low Income Households and the Moderate Income Households. F. The units for the Low Income Households and the Moderate Income Households shall be marketed and sold consistent with the Pleasanton Homeowners Assistance Program(PHAP) which includes a limitation on the sales prices for future sales, a first-time home buyer requirement, use of the City preference system, a public lottery, and deed restrictions recorded against each such unit. The PHAP (as amended from time to time by City) shall remain for perpetuity. G. The City may utilize its Lower Income Housing Fund to provide second mortgages to qualified Low and Moderate Income Households. II. Of the 45 residential units, five units shall be Affordable By Design Units consistent with"Plan I" as outlined in Attachment A. The Affordable By Design Units shall be provided and marketed as follows, but shall not otherwise be subject to the restrictions and qualifications of the Pleasanton Homeowners Assistance Program: A. The Developer shall use commercially reasonable efforts to market and sell the Affordable By Design Units to households with the following preferences; provided, however, that such obligations shall not extend beyond 30 days from the commencement of sales for the applicable Affordable by Design Unit: • First Preference—Households where at least one household member has resided in the City of Pleasanton for at least two years prior to execution of a purchase agreement. • Second Preference - Households where at least one household member has worked in the City of Pleasanton for at least two years prior to the execution of a purchase agreement. Page 2