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YUEN:Okay? <br />WATANABE:Yeah. <br />YUEN:So the sale of -. <br />WATANABE:Yeah, so you€d have to sell four lots. <br />YUEN:You€d have to sell four lots at $95,000; or to get a full credit you have to <br />sell a lot at $53,000. That€s why -. <br />WATANABE:Then he€s not going to fund anything with the 53 -. <br />YUEN:Well,that€s,so-.Theaffordablehousingrequirementisdifficultona,say <br />a project like this that€s a small Ag lot. But you, unless you -. You know, you can do affordable, <br />there are other options. You know, you can do affordable housing off-site within a 15-mile <br />radius, or you can pay an in-lieu fee. <br />WATANABE:Or he could purchase affordable housing credits from another developer <br />who had -? <br />YUEN:That€s right, that€s right, if there were any for purchase within a 15-mile <br />radius, which I don€t know is true. <br />WATANABE:Oh, 15? <br />YUEN:Yeah, within a 15-mile radius. But, you know, there are options. You <br />know, you can do, you can purchase property some place, make an affordable house and sell that <br />as an affordable house and get credits for doing that, to give you an example, of another option <br />that you have. So both the in -. We had discussed all this with the applicant and we told the <br />applicant that if you go to a 5-acre lot that€s a breakpoint, you don€t have these kinds of issues <br />with affordable housing. But at a 3-acre lot you have an affordable housing requirement that you <br />have to deal with. The applicant decided to go ahead at the 3 acres. But there are a number of <br />ways to do it. The in-lieu is expensive. The selling the lots, selling your own lots is not a very <br />good option because of the difference between what you can probably get on the market and <br />what the affordable lot price is going to be. But, at least, there are options including develop a <br />couple of units of affordable housing some place nearby and purchasing credits from somebody <br />if anybody has affordable housing credits to sell. <br />ALAMEDA:Commissioner Watanabe? <br />WATANABE:I have a follow-up question. That eight family members that you€re <br />referring to that, you know, you intend to retain the lots for -? <br />RAYMOND:Yes. <br />7EXHIBIT A <br /> <br />