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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE; <br />APRIL 7, 2015 <br />TITLE: <br />INCLUSIONARY HOUSING AGREEMENT WITH <br />PULTE HOME CORPORATION — MAGNOLIA LANE <br />PROJECT <br />(STRATEGIC PLAN NO. 5, 3B) <br />CITY MANKGER <br />G <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY; <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1®i Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolutlon <br />❑ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Receive and file the Inclusionary Housing Agreement Pulte Home Corporation. <br />On November 28, 2011, the City Council adopted the Housing Opportunity Ordinance <br />( "Ordinance ") to encourage the development of affordable housing by requiring the inclusion of <br />affordable units within developments that involve either an increase in the density otherwise <br />available under applicable zoning and development standards; a change in land use designation <br />from a zoning regulation that does not permit residential uses to one that does permit residential <br />uses; or, the conversion of rental units to condominium ownership. This ordinance applied to all <br />projects entitled after November 2011, with the exception of any project that had an approved <br />development agreement. <br />Pulte Homes Corporation, developer of the Magnolia Lane Project located at 4226, 4302, 4306 <br />W. Fifth Street, will comply with the Housing Opportunity Ordinance by providing five (5) <br />affordable for -sale units onsite. The proposed development will consist of twenty -eight (28) <br />detached for -sale condominium units. <br />Staff is working with Pulte Homes Corporation to market the City's Down Payment Assistance <br />Loan program for the five (5) inclusionary units and to provide loans up to $40,000 to those <br />homebuyers that qualify under the program. <br />The developer has been working with staff to complete the documents required by the Housing <br />Opportunity Ordinance. The Inclusionary Housing Agreement (Exhibit 1) satisfies the inclusionary <br />housing requirement of the Project and is consistent with the standards set forth in the <br />Ordinance. <br />25G -1 <br />