BREA : Council Considering Mortgage-Aid Plan
A program to help low- to moderate-income families buy houses is being considered by the City Council.
If approved, the program would provide low-interest second mortgages to families whose incomes fall below a certain level.
In January, developer George Taunton agreed to set aside six units in the Laurel Creek project for low- to moderate-income families. The development is located in Brea’s historic downtown, near Brea Mall, and is expected to be completed in the fall.
The city’s role in the program would be to provide an estimated $50,000 per unit in mortgage assistance. The townhouses are currently selling in the $185,000 range.
Brea’s median home value is $189,000.
The council has approved the program in principle, but asked the Brea Redevelopment Agency to make some changes in the administration of it.
According to Redevelopment Services Director Susan M. Georgino, the plan will probably be reviewed at the July 3 meeting.
Brea currently has about 150 units designated as affordable, and is reviewing 16 lots on which to build additional housing.
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