AgdaPkt 2009-01-26 clsd and reg - Laserfiche WebLink

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R,^,':,I!' ""'..',,"p',",:'O',,'..."',.' ".'R.,' 'T' - ..~.." ." - ~ . '.. . . -. . . , , 6.1C Page 1 January 26, 2009 SUBJECT Affordable Housing Covenant Deed Restrictions for 885 Woodside Road Condominium Housing Project RECOMMENDATION Adopt, by motion, the Declaration of Affordability Covenants CAffordability Covenants") and Resale Restriction Agreement and Option to Purchase for 150/0 of the 43-unit condominium housing project at 885 Woodside Road (six units). BACKGROUND On November 19, 2007, the City Council adopted a Resolution approving the 885 Woodside Road Precise Plan. On December 10, 2007 the City Council completed the rezone of the 885 Woodside Road property to the P Zoning District by approving the second reading of the ordinance. With 43 units, the project density was approved at 65 units/acre. The Precise Plan (Development Standard I. B.) for 885 Woodside Road requires that a minimum of 15% of the total number of residential units proposed shaH be Setaside affordable to very-low, low or moderate-income households based on the County of San Mateo average median income (AMI). Pursuant to the approved Final Subdivision Map! the project is designed for and will ultimately be a condominium project. 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 moderate income level (120010 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 and the Rental Affordability Covenants are contained in a single document that is attached for your review and approval. The Resale Restrictions Agreement and Option to Purchase are incorporated into the Affordability Covenants. 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.