AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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R":. l\ e"i:\p$.' 0:.' ~~;" "1':' . . . ... . ,.~ -.... . .. .... ~ "_". : ;:. : n~ '. ~ M . ::'. ';' ; . .::. . . : . ~ ~'Si .~ :.~ : :: I';' . t .' ~.:~ '; : .: .~. "! M '. ".t .. ; . . 78 Page 1 :M _~ :f~ TQ the Honorable Mayor and City Council fr<)m the 01., an~ 'f January 12, 2009 SUBJECT Affordable Housing Covenant Deed Restrictions for 885 Woodside Road Condominium Housing Project RECOMMENDATION For information only-to be agendized for action on January 26, 2009 City Council meeting. The Declaration of Affordability Covenants for 15% of the 43-unit condominium housing project at 885 Woodside Road (six units). BACKGROUND On April 9, 2007, the City Council adopted: 1) an Ordinance amending Article 60, Zoning Map No 7 (Oakwood Neighborhood), to rezone the real property at 885 Woodside Road from CG-R (General Commercial-Residential Combining) to P (Planned Community) District; and 2) a Resolution approving the 885 Woodside Road Precise Plan. With 43 units, the project density was approved at 65 unitsl acre. The Precise Plan (Development Standard I. B.) for 885 Woodside Road requires that a minimum of 150/0 of the total number of residential units proposed shall be Setaside affordable to very-low, low or moderate-income households based on the County of San Mateo average median income (AMI). The project is designed for and will ultimately be a condominium project. (Please refer to Subdivision Map approval for 43 condominium units also on this Council agenda.) However, due to the current housing market conditions, the developer has requested a two step process in order to be able to complete the construction of the project. The proposed process is as follows: 1. Complete the subdivision process and record the final maps and improvement agreements. Complete construction per the approved improvement plans. Offer the units for rent until such time as the market conditions become more favorable for sale of condominiums. 2. Record a Declaration of Affordability Covenants for six units to be. offered for rent at the low income level (800/0 of AMI for San Mateo County) for a period of 55 years. Include a clause in this Covenant that allows the project to convert to ownership in the future and that will invoke the Ownership Affordability Covenants as previously prepared for six moderate income units (1200/0 of AMI) for 45 years. The Ownership Affordability Covenants will also be recorded at the same time as the Rental Covenants and are attached for your review and approval. The developer will be responsible for informing the City when the conversion is expected to occur. The developer will also be responsible for informing the rental tenants.