Local News in Brief : Mission Viejo : County Backs Program for Low-Income Housing
The Board of Supervisors Wednesday unanimously approved a new county-backed financing mechanism intended to encourage the construction of low-income housing for a 400-unit complex in Mission Viejo.
Under the program, the county sold $21 million in revenue bonds that the developer will repay with rent from the Vista Verde apartments. In addition, the Orange County Housing Authority provided the developer with a 15-year, $500,000 loan for the project.
None of the money is generated by county taxes.
In return, the developer will set aside 20% of the apartment units for low-income residents. Supervisor Gaddi H. Vasquez, whose district includes the apartment building, said a two-bedroom unit will be rented for $500 per month, compared to a market price of about $830 per month.
The special units will be available to individuals earning up to $15,550 per year or a family of four with an annual income of $22,200. County officials said the apartments are in the process of being rented.
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