Newport Beach : Affordable Apartment Complex Wins Approval
An Irvine developer planning to erect an affordable apartment complex in Newport Beach won approval from the City Council to build 65 units on a 2.2-acre site where 45 apartments normally would be allowed.
Because the project, to be partially funded by the federal government through the Community Development Block Grant program, will provide affordable housing, state law permits the city to increase the density as an incentive to the builder.
The one- and two-bedroom apartments will be set aside for families with annual incomes of less than $27,000 a year. Rents will range from $429 a month for one-bedroom units to $675 a month for two-bedroom apartments, senior planner Chris Gustin said.
The apartments will be equipped with fireplaces, and there will be covered parking, a swimming pool, Jacuzzi, laundry room and an on-site manager, Gustin said.