REPORT TO COUNCIL
SUBJECT
Title
Action on an Affordable Housing Agreement with Taylor Morrison of California, LLC for a Project located at 3035 El Camino Real
Report
COUNCIL PILLAR
Promote and Enhance Economic, Housing and Transportation Development
BACKGROUND
Taylor Morrison of California, LLC (the "Developer") is proposing to construct 48 townhouse units on a 1.88-acre site located at 3035 El Camino Real. The project site is located within the General Plan - El Camino Real Focus Area - a local and regional commercial and transportation corridor envisioned in the City's 2010-2035 General Plan for a mix of high intensity commercial and residential development. In December 2019, City Council approved a rezoning from Thoroughfare Commercial (CT) to Planned Development (PD) to allow development of 48 condominium units, a private street, landscaped open space, surface parking and site improvements, and a Tentative Subdivision Map to subdivide the existing parcel into a single lot subdivision with 48 condominium units.
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., four 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 proposed AHA with the Developer uses the City's standard form (Attachment 1) and will enable and guarantee the delivery of four (4) BMP units for sale within Santa Clara. The AHA fulfills an obligation placed upon the Developer through the City's land use entitlement process.
The BMP Policies and Procedures Guidelines adopted by the City Council ("BMP Program") provide that in the case of a fractional obligation of 4.8 units, a developer can either elect to provide five (5) BMP units or four (4) ...
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