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AGREEMENT FOR AFFORDABLE HOUSING UNITS <br /> AT THE "NOLAN FARMS"SUBDIVISION <br /> (SUMMERHILL HOMES;PUD-99-5/TRACT 7143) <br /> This AGREEMENT is made and entered into this).3ahy of Veq-�2000, by and between <br /> the CITY OF PLEASANTON, a Municipal Corporation (hereinafter referred to as "City"), and <br /> SUMMERHILL ROSE LTD., a California Limited Partnership (hereinafter referred to as "Developer"). <br /> WITNESS: <br /> A. Developer has a 36-unit residential housing development project called Nolan Farms (PUD-99-5/ <br /> Tract 7143), Pleasanton, CA. <br /> B. City and Developer have agreed to use the Pleasanton Homeownership Assistance Program <br /> (PHAP) for five (5) of the thirty-six (36) units of this development,by which said five units would be <br /> deemed "affordable" pursuant to the PHAP. <br /> C. Developer has two unit models within the development, designated as "Plan 6" (1,258 sq. ft.) and <br /> "Plan 7" (1,278 sq. ft.)which will be utilized for the affordable units. <br /> NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions <br /> contained herein, City and Developer agree as follows: <br /> 1. Developer shall provide five affordable units at a price of$180,000 per unit. City shall apply the <br /> Lower Income Housing Fees collected for the project (approximately $89,528)plus an allocation from its <br /> Lower Income Housing Fund(approximately $160,472) to provide a further subsidy of$50,000 per unit <br /> to SummerHill Rose Ltd. to reduce the sales price for the five affordable homes to $130,000 each. <br /> 2. The maximum household income for eligible buyers shall be 70% of the area median income <br /> (AMI) for the Oakland Primary Metropolitan Statistics Area(PMSA) as adjusted annually by the U.S. <br /> Department of Housing and Urban Development(HUD). However, a priority shall be established for <br /> households at 50% of AMI. Prior to marketing the units,the City will work with the developer to <br /> establish a marketing program that is consistent with the income criteria. The current income limits <br /> (HUD, March 9, 2000)by household size are listed in the following table (however, the applicable <br /> income limits shall be those in effect at the time the sales application process is initiated): <br /> Household Max. Annual <br /> Size Household Income <br /> (Persons) 50% of AMI 70% of AMI <br /> 1 $23,650 $33,100 <br /> 2 $27,050 $37,850 <br /> 3 $30,400 $42,600 <br /> 4 $335800 $47,300 <br /> 5 $36,500 $51,100 <br /> 6 $39,200 $54,900 <br />