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City and Academy of Art reach term sheet: affordable units, fees and campus housing benchmarks
Summary
City staff presented a signed term sheet with the Academy of Art University that would fund affordable housing, require on‑campus housing benchmarks and settle planning‑use disputes; public commenters asked for stronger guarantees on replacement units, limits on dispersed properties and clearer enforcement.
City attorneys and Planning Department staff presented a signed term sheet on Feb. 2 that outlines a settlement framework with the Academy of Art University (AAU) intended to resolve long‑running disputes over student housing, conversions of residential units to student use, and alleged unpermitted housing practices.
Key elements of the term sheet presented to the Planning Commission: - Affordable housing: AAU is committed to providing roughly 142–174 new affordable units targeted at households at or below 50% of area median income; proposed housing would be restricted to a long‑term lease (the term sheet describes a 66‑year affordability covenant). - Financial…
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