REPORT TO COUNCIL
SUBJECT
Title
Action on Amendment No. 1 to the Affordable Housing Agreement with LS-Santa Clara, LLC for the Project Located at 1433-1493 El Camino Real
Report
COUNCIL PILLAR
Promote and Enhance Economic, Housing and Transportation Development
BACKGROUND
On December 3, 2019, City Council approved the Affordable Housing Agreement with LS-Santa Clara, LLC for Project located at 1433-1493 El Camino Real. The Parties entered into the Original Agreement for the purpose of having Developer provide four (4) Below Market Purchase (BMP) units designated as Units 6, 10, 24, and 28. The Developer now wishes to amend the Original Agreement to replace unit #6 with unit #3; however, the Plan identification and Affordable Sales Price will remain the same.
The project consists of for-sale condominium units with attached two-car garage distributed among five three-story buildings; a private street and eight visitor parking spaces with access from Civic Center Drive; and common landscaped open space and a 3,048 square foot on-site private recreation area. The project also includes future private maintenance provisions with the establishment of a Homeowners Association and Covenants, Conditions and Restrictions.
As a condition of the land use entitlements, and per the City's inclusionary housing policy governing at the time of the entitlement, the Developer was required to enter into an Affordable Housing Agreement (AHA) with the City to designate 10 percent of the total units (i.e., 3.9 dwelling units) as Below Market Purchase (BMP) units to be sold to qualified first-time homebuyers at an affordable price based upon Area Median Income (AMI).
DISCUSSION
The BMP Policies and Procedures Guidelines adopted by the City Council ("BMP Program") provide that in the case of a fractional obligation of 3.9 units, a developer can either elect to provide four (4) BMP units or three (3) BMP units and pay a BMP in-lieu fee for the fractional units. In this case the D...
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