AgdaPkt 2016-05-23 Closed, Joint SA and PFA

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8.C. - Page 2 Per the Council direction above, the Maximum Allowable Development allowed under the DTPP would still be 2,500 residential units. The maximum number of market rate units would be 2,125 units, and at least 375 affordable units would be required. ANALYSIS Table 1 outlines the total amount and status of residential development in the Downtown area since the adoption of the DTPP in 2011. The total number of units remaining for development assumes the previous direction given by Council that 15% or 375 units be reserved for affordable housing. TABLE 1 — RESIDENTIAL DEVELOPMENT UNDER THE DOWNTOWN CAP Total Net New Units Permitted 2,500 Units Approved (All Market Rate) 1 ,517 Market-Rate Units Pending Decision • 315 units at Greystar 4 • 200 units at 801 Brewster 606 • 91 units at 603 Jefferson • Affordable Units Pending Decision • 20 very-low income units at 612 Jefferson Avenue (Habitat) • 108 very-low units at Bradford Street site (MidPen) 213 • 35 low-income units at Greystar 4, with 315 market-rate units • 50 very-low income units at 801 Brewster, with 200 market-rate units Total Units Already Approved or Under Consideration 2,336 Remaining Units That Would be Available for Affordable Housing if 15% of Total Units Set Aside for Affordable Housing 162 Remaining Units Available for Market-Rate Housing if 15% of Total Units Set Aside for Affordable Housing 2 Status of Residential Development in Downtown As noted above, utilizing the Council's previously directed 15% affordable housing reservation, nearly all the market rate housing units (2123 of 2125 units) allowed under the DTPP have been approved or are pending consideration. Currently, 213 affordable units are pending consideration.