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tl'I - ~/JtJ~ AFFORDABLE HOUSING AGREEMENT This Agreement is made this March 7, 2006 by the City of Pleasant on, a Municipal Corporation ("City"), and Silverstone Communities-Northern California, LLC and/or its assignee acquiring title to the underlying land ("Developer"). RECITALS A. Developer has obtained all necessary entitlements to develop a residential housing project consisting of a 45-unit condominium project located on a 2.76-acre site at 3909 Vineyard Avenue (the Project). B. Developer and the City wish to make a certain number of the Project units available to Low and Moderate-Income Households as defined in Recital C and to make a certain number of units Affordable by Design (Affordable by Design Units) as defined in Section II of this Agreement. C. Low and Moderate Income Households shall mean households with incomes at a percentage of the Area Median Income for the Oakland Primary Metropolitan Statistical Area adjusted for household size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development (HUD) pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. A Low Income Household shall be a household with income at eighty percent (80%) of the Area Median Income and a Moderate Income Household shall be a household with income at 120% of the Area Median Income. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Developer agree as follows: I. Ofthe 45 residential units, five units shall be available for Low Income Households and two units shall be available for Moderate Income Households. The Low Income Household and Moderate Income Household units shall be provided and marketed as follows: A. The five units for Low Income Households shall be made available at an initial sales price of $205,000. These Low Income Household units shall be consistent with "Plan I" as outlined in Attachment A. If the Area Median Income as set forth in Recital C increases between the date of this Agreement and the date the Developer obtains the initial 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. ( B. The two units for Moderate Income Households shall be made available at an initial sales price of $310,000. These Moderate Income Household units shall be consistent with "Plan 2" as outlined in Attachment A. Ifthe Area Median Income as set forth in Recital C increases between the date ofthis Agreement and the date the Developer obtains the first Page 1