Affordable Housing Deal Moves Closer to Reality
The city is close to making a $1-million loan to a Houston-based nonprofit group seeking to rehabilitate a large apartment complex on Sher Lane.
City Council members approved a “deal point memorandum†for the agreement last week and may come to final terms with the company by the end of the month.
Under the agreement, Bridges America, originally formed to distribute food to developing countries, will renovate the 66-unit complex on Sher Lane and rent the apartments at rates affordable to those with low or moderate incomes.
Rents for one-bedroom apartments would range from $658 to $695; two-bedrooms would start at $740 and go up to $825 a month, according to the memorandum.
To qualify, renters will need to show that they make from half the county’s median income to just more than the median. The median household income in Orange County is estimated to be $63,200.
After three years, Bridges America will begin paying back the loan, which would come from the city’s Redevelopment Agency.
City officials said the group acquired a dilapidated apartment complex two years ago and improved it dramatically.
Information: (714) 536-5227.
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