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DBA No. 2010-04 <br />SPR 2010-03 <br />January 4, 2011 <br />Page 2 <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 five units that will <br />be rented to very low income households (50 percent of Area Median Income). The rent will not <br />exceed 30 percent of 50 percent of the area median income, as adjusted for household size. The <br />term of the affordability is 55 years. The provisions of the agreement shall constitute covenants, <br />conditions, and restrictions which shall run with the land, and shall inure to the benefit of and be <br />binding upon the Developer, its successors and assigns in interests as successive owners of the <br />project. Construction of these units will assist the Agency in meeting their replacement and <br />inclusionary housing obligations and will assist the City in meeting the Regional Housing Needs <br />Assessment (RHNA) goals identified in the Housing Element, Consolidated Plan and <br />Implementation Plan (Exhibit 8 of Exhibit A). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Jay)M. Trevino <br />Executive Director <br />Planning & Building Agency <br />LL:rb <br />LL\reports\pc&za\dba10-04spr10-03 435 birch st.cc <br />Exhibit: A. Planning Commission Staff Report <br />39C-2