ORANGE : Group to Develop Housing Is Created
The Redevelopment Agency has created a nonprofit corporation to develop housing for low- and moderate-income residents.
The Orange Housing Development Corp. will be funded initially with $400,000 in Redevelopment Agency money, and will later seek foundation grants and donations from the private sector.
Most of the first year’s budget will be used for start-up costs, with $100,000 going for housing project expenses.
The budget for the second year of operation is estimated to be about $1 million, with $600,000 designated for projects.
The corporation will work with developers and city and local agencies to create and maintain affordable housing to benefit such groups as first-time home buyers, senior citizens and the disabled.