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DBA No. 2010-01 <br />TTM No. 2009-01 <br />September 7, 2010 <br />Page 2 <br />article, developers wishing to construct projects that meet the requirement for a specified <br />percentage of affordable housing units may request to enter into a Density Bonus Agreement with <br />the City. Under the proposed density bonus agreement, its approval will produce one additional <br />unit that will be sold to a low income household (80 percent of Area Median Income). The price for <br />the home will be set at completion of construction per the agreement guidelines for a low-income <br />homebuyer. The term of the affordability is 45 years during which the unit must be owner <br />occupied. If the property is transferred during the term of the agreement, the subsequent <br />homebuyer must also meet the income requirements. Construction of these homes will assist the <br />Agency in meeting their replacement and inclusionary housing obligations and will assist the City <br />in meeting the Regional Housing Needs Assessment (RHNA) goals identified in the Housing <br />Element (Exhibit B). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />r. L- <br />J M. Trevino <br />Executive Director <br />Planning & Building Agency <br />LL: rb <br />LL\reports\pc&za\dba10-01ttm09-01 5301 Silver Dr.cc <br />Exhibits: A. Planning Commission Staff Report <br />B. Density Bonus Agreement <br />32A-2