Yorba Linda : Bonds for Low-Interest Housing Loans Approved

Residents in search of affordable housing soon can apply for low-interest loans available through $26 million in bonds approved by the Redevelopment Agency on Wednesday.

The housing, 330 condominiums and town homes, is at the intersection of La Palma Avenue and Lomas de Yorba. Construction of the two- and three-bedroom units at The Villages began about three months ago.

After the bonds are sold in the open market, that money will be available within two weeks from the developer, Cunningham-Barsic of Irvine, through a lending institution, said Phillip Paxton, the city’s planning director. The loans probably will have an interest rate of 10.9%, City Manager Arthur Simonian said.

Seventy-five percent of the 330 units will be priced at $86,000 to $115,000, Paxton said. The remaining 25% will be sold at open-market rates, he said.