REPORT TO COUNCIL
SUBJECT
Title
Action on an Affordable Housing Agreement with SHAC Tasman CDM Apartments LLC (an affiliate of SummerHill Apartment Communities), for 2343 Calle del Mundo (APN# 097-05-062; 097-05-063; and 097-05-064) [Council Pillar: Promote and Enhance Economic and Housing Development]
Report
BACKGROUND
SummerHill Apartment Communities is proposing to construct a three hundred and forty-seven (347) unit apartment community (Project) located at 2343 Calle del Mundo (APN# 097-05-062; 097-05-063; and 097-05-064). The project site is located within the Tasman East Specific Plan, which was approved by the City Council on November 13, 2018. Development projects within the Tasman East Specific Plan area may be entitled through an architectural review process and are typically not subject to further City Council review.
SummerHill Apartment Communities (Developer) is a Bay Area-based residential real estate developer with extensive experience developing and operating housing throughout the Bay Area. SummerHill owns the 3.06 acre parcel located within the Tasman East Specific Plan area of the City, at 2343 and 2363 Calle Del Mundo and 5211 Lafayette Street, Santa Clara, California (APN: 097-05-062; 097-05-063; and 097-05-064) and has received architectural approval to develop a multifamily housing project that includes three hundred forty-seven (347) rental units including thirty-four (34) affordable housing units (collectively, the " Project"). SummerHill will provide four (4) studio units, twenty-one (21) one-bedroom units and nine (9) two-bedroom units as affordable housing units.
As a condition of the land use entitlements, and per the Tasman East Specific Plan's inclusionary housing requirements, the Developer is required to enter into an Affordable Housing Agreement (AHA) with the City to designate ten percent (10%) of the total units within the project which shall be designated as affordable. The total obligation is 34.1 units, which is...
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