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<br />\ . <br /> <br />~;' <br />U <br />i~ <br />;So <br />~S <br />D:fj <br /> <br />. <br /> <br />.666042 <br /> <br /> <br />11/10/2003 08:30 AM <br />OFF!~rAL RECORDS OF ALAI1EOA (QUNf"1 <br />PATRICK 0 'CONNELL. <br />RECORDING FEE: 0.00 <br /> <br />. <br /> <br />Recorded at the request of <br />and when recorded. return to: <br />City of Pleasanton <br />P.O. Box 520 <br />Pleasanton, CA 94566 <br /> <br />50 \ 69 ~OObO <br /> <br />() \K/ <br />A" ') <br /> <br />{~ <br /> <br />i 1111 III!! IIlli lIill !:::, liill Illllllil! IIill lillllillllll <br /> <br />14 PGS <br /> <br />-2 D[)~4J.d)i.I.::J...., <br /> <br />AFFORDABLE HOUSING AGREEMENT <br /> <br />This AGREEMENT is made this 6th day of May, 2003, by the CITY OF <br />PLEASANTON, a Municipal Corporation ("City"), and Ponderosa Homes II, Inc., a <br />California Corporation ("Owners"). <br /> <br />Recitals <br /> <br />A. Owners are the record owners of certain real property (the "Property"), more particularly <br />described in Exhibit I and, as to the Property, have obtained all necessary entitlements to <br />develop a mixed use and residential housing project consisting of 172 apartment \!I1its, <br />191 single-family residential units, and sites for a school and church (collectively the <br />"Project). <br /> <br />B. Owners and the City wish to make a certain number of the apartment units within the <br />Project available to households with incomes at or below sixty percent (60%) and fifty <br />percent (50%) of the Area Median Income. <br /> <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 /> <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, the City and Owners agree as follows: <br /> <br />1. Of the 172 apartment units, 138 shall be "Affordable" units. Owners shall make <br />available for rent 69 Affordable units for households with income at or below 50% of the <br />Area Median Income (50% Units) and shall make available for rent 69 Affordable units <br />for households with income at or below 60% of the Area Median Income (60% Units). <br />The Affordable units shall be consistent with the following: <br /> <br />A. The maximum allowable income for tenants occupying the 50% Units shall be <br />50% of the Area Median Income adjusted for household size. The maximum <br />allowable income for tenants occupying the 60% Units shall be 60% of the Area <br />Median Income adjusted by household size. <br /> <br />I <br />