AgdaPkt 2012-10-08 - Laserfiche WebLink

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6.1.G. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er October 8, 2012 SUBJECT Affordable Housing Agreement for 640 Veterans Boulevard RECOMMENDATION By motion, approve the Affordable Housing Agreement for twenty two units within the 264-unit residential development at 640 Veterans Boulevard, authorize the City Manager to execute the Agreement, and direct the City Clerk to record the Agreement with the San Mateo County Recorder. BACKGROUND The application for the 640 Veterans Boulevard project, submitted by BRE Properties, Inc., consists of two residential structures each containing four stories of residential units over two stories of parking on a 3.62 Acre site. On January 17, 2012, the project was unanimously approved by the Planning Commission. Per section 5 of Resolution No. 12-04, project approval is subject to the approval, execution and recordation of an Affordability Agreement by the City Council (Attachment 1). ANALYSIS This Affordability Agreement involves the provision of 22 affordable units for lower income households, as defined in Health and Safety Code 50079.5 (a), in exchange for an increase in density, in accordance with Section 65915(f) (1) of the Density Bonus Law. These 22 units represent 10% of the permitted number of residential units allowed under the City's zoning designation standard, which yields 217 units for the entire project site. Pursuant to Section 65915 (f) (1), the owner is entitled to a density bonus of 20%, which represents an additional 44 units (based on an allowed 217, as noted above). Resolution No. 12-04 specifies that 22 of the 217 units will be below-market- rate rental housing units affordable to persons and families of lower income. These units consist of 11 one-bedroom units, and 11 two-bedroom units. 22 of the 44 density bonus units will be affordable and as specified in this Affordable Housing Agreement, the affordable units will be made available only to persons and families of lower income (whose gross incomes are between 60% and 80% HUD's Area Medium Income for San Mateo County as defined in Safety Code section 50053(b) (3)) for a period of 55 years.