AgdaPkt 2012-06-25 - Laserfiche WebLink

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6.1.K. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er June 25, 2012 SUBJECT Affordable Housing Agreement for 2580 EI Camino Real RECOMMENDATION Approve, by motion, the Affordable Housing Agreement for five units within the 141-unit residential development located at 2580 EI Camino Real, and authorize the City Manager to execute the Agreement (Attachment 1) BACKGROUND The application for the 2580 EI Camino Real project, submitted by Urban Housing Group (UHG), consists of a four and three story, 141-unit, multi-family, transit-oriented, in-fill residential development with 232 parking stalls. On February 13, 2012, the City Council, certified the Final EIR and, per Resolution No. 15169, approved the following project entitlements: 1) Planned Development ("PD") Permit including reduced guest parking consistent with Zoning Ordinance Article 30, Section 30.4 B; and 2) Vesting Tentative Map. One of the conditions of approval of Resolution No. 15169 is that the developer enter into an Affordable Housing Agreement to provide 5 units to median income families as defined in Health Safety Code Section 50093. (Attachment 2) ANALYSIS The developer did not request a Density Bonus or other concessions that would generate affordable units for the project. The project's density of 56 units / acre is below the 60 units/acre allowed under the site's Mixed Use Corridor Zoning District designation. Instead, UHG has voluntarily offered to provide five affordable units to help support the City's Housing Element goal to provide housing at all levels of affordability. The developer proposes to provide five affordable units comprised of four one-bedroom units and one two bedroom unit that will be affordable to persons and families of inedian income as defined in Health Safety Code Section 50093. The developer intends to operate the project as a rental complex. During the time that the units are rented, the developer has agreed that for a period of 55 years the affordable units will be rented at an affordable rent to persons and families earning between 80 to 100 percent of the Department of Housing and Urban Development's (HUD) Area Median Income for San Mateo County ("AMI"), at rental rates no greater than 30 percent of 100 percent of the AMI, adjusted for family size appropriate to the unit, pursuant to California Health and Safety Code Section 50053. The table attached