REPORT TO COUNCIL
SUBJECT
Title
Action on an Affordable Housing Agreement with SHAC LS Apartments I, LLC for 3560 Rambla Place Building B (APN# 216-59-003)
Report
BACKGROUND
This is one of two Affordable Housing Agreements for City Council consideration for projects located within the Lawrence Station Area. The projects are referred to as "3580 Rambla Place Building A" and "3560 Rambla Place Building B". A separate report has been prepared for each Agreement.
On November 29, 2016, City Council approved land use entitlements for Summerhill Homes for the development of 988 residential units within the Lawrence Station Area Plan, located at 3505 Kifer Road. As part of those entitlements Summerhill was required to designate 98 rental units as affordable housing. Summerhill has proposed to provide these units within two buildings. The subject Affordable Housing Agreement (AHA) would partially implement the requirement to provide affordable units in the project by formalizing the process and providing more detail for the delivery of affordable units within one of those buildings, "Building B" (APN# 216-59-003), now under construction at 3560 Rambla Place.
The proposed Affordable Housing Agreement (AHA) will designate forty-six (46) affordable rental units within the Project that will be designated for low and moderate income residents for a period of 55 years. Of these units, 90% (41) would be designated as affordable to Moderate Income Households (based on 120% of Area Median Income or AMI) and 10% (5) as affordable to Low Income Households (based on 80% AMI). . As a condition of the land use entitlements, the forty-one Moderate-Income and five Low-income units will be comprised of thirty-four (34), 1-bedroom units and twelve (12), 2-bedroom units comparable to the distribution of market rate units.
The Building B project site is 2.49 acres in size and part of the first phase of construction for the Lawrence Station Area Plan. The site has been dem...
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