REVISED APRIL 23, 2020

 Eden Realty and/or Assignee shall be referred to as “Developer”. The City of San Leandro shall be referred to as the “City”. The proposed 42-Unit Multi-family Building located at 1388 Bancroft Avenue, San Leandro, CA, shall be referred to as “1388 Bancroft”.

1388 Bancroft consists of 42 rental units, forty-one (41) 980 sq. ft. two-bedroom two-bath, and two (2) 1380 sq. ft. three-bedroom three-bath units, totaling approximately 44,900 sq. ft. 1388 Bancroft is a single three-story building, three floors of wood frame and stucco construction. A total of 63 parking spaces, 58 on-site (including three AB1100 Bonus Spaces) and five off-site parking spaces are included in the project.

·       That as per the San Leandro Zoning Code 6-3006, for a project with 42 units, 6 inclusionary units are required.

·       That the affordable housing in-lieu fee is set at $5.00 per net rentable sq. ft. 1388 Bancroft has 40,366 net rentable sq. ft. so the gross amount of the fee is $201,830.00.

·       That understanding how expensive it is to build in San Leandro, an option is available by which 1388 Bancroft can provide two two-bedroom, 2-bath rent restricted units that are affordable to households at 100% of median for 55 years and pay approximately 4/6ths of the in-lieu fee equaling about $134,553.00.

·       That 1388 Bancroft has an option to provide the above referenced two rent restricted units at another rental property in San Leandro so long as the replacement units are at a minimum of two-bedroom units each and affordable to households at 100% of median income for 55 years.

·       That the 1388 Bancroft Developer will be able to exercise his option to provide the above referenced two units on the site or two replacement units at another rental property in San Leandro and pay the in-lieu fee of $134,553.00 prior to or at the issuance of the Occupancy Permit for the building.

·       The affordable household portion of the rent shall be calculated as 1/12 of 30% of 100% area median income.

·       That the Developer has the option to lease the restricted units to a special needs population. This would require that the units be close to each other for more efficient delivery of services to the residents. If these units are provided on-site, we hereby designate units #113 and #114 as the affordable units.

·       That if the Developer does not exercise the option to lease the restricted units to a special needs population, we hereby designate Unit #114 on the first floor and #214 on the second floor as the affordable units.

·       That 1388 Bancroft is very concerned about the ongoing qualifying of the residents and ongoing rental revenues from in the set aside units. That said, if 1388 rents one or both of the above referenced units on a Mainstream Section 8, Tenant Based Section 8, Project Based Section 8 or similar Subsidized Rental Housing Programs, written verification of the current subsidized tenancy and Housing Assistance Payment Contract would be sufficient proof for the annual compliance reports that there is an income eligible tenant in the affordable unit paying the household portion of the rent specified by this Inclusionary Housing Plan without the need for any further tenant income or rent level documentation.

·       That it is understood that if the Developer exercises the special needs option that most likely the households will have household income at or below 50% of median income.

·       That 1388 is a single phase planned development, thus the two affordable units in both the on and off-site options shall be in place with 60 days of issuance of a temporary or final certificate of occupancy.

·       That Developer shall execute an instrument or agreement approved by the City restricting the rental of the Tenant-Occupied Inclusionary Units in accordance with Ordinance       6-3022.

·       That the owner shall submit an annual report summarizing the occupancy of each inclusionary unit for the year to demonstrate the continuing income-eligibility of the tenant as outlined above.

·       That the above Inclusionary Housing Plan is consistent with current practices and increases the feasibility of successfully developing the 1388 Bancroft Development. To do so otherwise, 1388 Bancroft will be unfeasible to develop.