First Amendment to the Affordable Housing Agreement – 18750 Delaware Street City Council
August 19, 2025
Background
On November 1, 2022, the City entered into an Affordable Housing Agreement with Nash-Holland 18750 Delaware Investors, LLC.
The agreement covers a project at 18750 Delaware Street located on 4.09 acres. 346 total rental units in a five-story wrap-style apartment building. 70 affordable units restricted to Lower Income Households (≤ 60% AMI), with a 55-year affordability covenant:
12 studios
32 one-bedrooms
19 two-bedrooms
7 three-bedrooms
Proposed Unit Mix Adjustment
The Inclusionary Housing Ordinance requires affordable units to be proportionally distributed among unit types.
The original agreement overcounted 3-bedroom units because two-bedroom lofts were classified as three-bedrooms.
The amendment corrects this to reflect the actual distribution in the market-rate units.
Unit Type Original Mix Proposed Mix
Studios 12 12
One-bedroom 32 32
Two-bedroom 19 23
Three-bedroom 7 3
Recommendations
Approve the First Amendment to the Affordable Housing Agreement by and between the City and Nash-Holland 18750 Delaware Investors, LLC; and, Authorize the City Manager or their designee to implement and execute the First Amendment for the Project, including all necessary related documents; and, Authorize the Housing Authority Executive Director or their designee to execute all necessary implementing agreements and related documents.
Questions?