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7C Page 249 � b.1 Location Preferen.ces. The On-Site Affordable Homes may be Iocated anywhere within the Project. The off-site Affordable Hoznes may be located anywhere within 1he City. Developer shall use commercially reasonable efforts to locate off-site Affordable HonZes withir� 40001inear feet of a Caltrain transit hub, a SamTrans bus stop, or another public tran.sit node, includii�g a public or private shuttle service. The Parties acicnowledge that (i) land costs are considerably higher in those areas of t1�e City where zoning perm.its construction of buildings exceeding six (6) stories, and (ii)the cost to construct high-rise buildings is consideraUly more expensive than low-rise co�istruction. Therefore, in order to�rzaximize tlie production of tlie greatest nLYmber of off-site Affordable Homes,Developer or City may seek development opportuiuties on sites conducive to Type V construction. 6.2 On-Site Affordable Homes. Notwithstandi�zg the provisions of Section 6_l., a rr�inimum of five percent (5%) of tl�e homes developed zn the Project (the"On-Site Affordable Homes") shall be offered fnr sale at Affordable Sales Prices to Eligible Purchasers. If at full�uild-out the Project will consist of 796 homes, the nurnber of Qn-Site Affardahle Homes will be forty(40). If the Project approvals are amended to decrease the number of homes in the Project or if at full build-out the Project will consist of less than 7961�omes, the number of On-Site AffordaUle Hornes will be adjusted accordingIy. One-kzalf of the On-Site Affordable Hoi�zes shall be offered for sale at Affordable Sales Prices to eligible Moderate-Income households, and the remainder of the On-Site Affordable Homes slaall be offered far sale at Affordable Sales Prices to eligible Above Moderate-I�aco�ne households. The On-Site Affordable Homes shall be provided proportionally in each phase of the residential development of t11e Project. For example if a phase includes a total of 120 homes, tl�ree(3)of such homes will he offered at an Affordable Sales Price to Moderate-Income Households, arzd three{3)will be offered at an AFfordable Sales Price to Above Moderate- Income housel�olds. Developer may accelerate the riumber of On-Site Affordable Homes in a phase of the Projeet in order to cozrespond.mgly rcduce the number af On-Site A.f.fordable Homes to be offered in subsequent phase(s}. In connection with the sale of On-Site Affordable Homes, a downpayment of at least ten percent(10%) shall be required;provided hawever the homebuyer may voluntarily make a larger downpayment. Nothing in this Affordable Housing Plan is intended.to or shall be construed to prevent homebt�yers from participating in downpayment assistance programs provided by City,HCD, CaIHFA or other any other entity. Developer's obligation to subsidize On-Site Affordable Homes shall be deemed fully discharged upon the initial sale {or offer for sale for a periad of at least eight(8}montlzs) of forty(40} On-Site Affordable Homes(as such number may be adjusted pursuant to this Section fi_2), to Eligible Purchasers without regard to the amount of subsidy provided by Developer or other sources for such homes. Developer pledges to fully coo��erate with City ii� efforts to market the Qn-Site Affordable Hoines and identify Eligible Purchasers. Nothing in this Scction 6.2 shall preclude Devel.oper's presentation of alternative proposals that provide for production of significantly greater iiurnber of Afforda�ble Homes in 1025911-11 � DRAF"f 12-13-07(9:30 a.m.)