BUENA PARK : City OKs Funding of Housing Programs

The City Council has approved funding for affordable housing programs and cleared the way for providing more help for low- and moderate-income residents.

Last week, the council approved extension of the first-time home buyers program, now in its third year.

Under the program, the city provides 10% to 15% of the down payment, which the homeowner is expected to pay back within five years. A family of four with an annual income of $38,000 could qualify.

In addition, the city is working on a rental rehabilitation program that would help apartment owners improve their property and make their units available to low-income residents, according to Mai Hui, assistant director of economic development.

Another proposal under consideration would encourage construction of affordable housing in pockets across the city, effectively filling in neighborhoods, Hui said.

“We’ll just be building a few units throughout the whole city,” Hui said.

The city would like to plan for low-income senior apartments, but it hasn’t found enough available land, Hui said.

State law requires cities with redevelopment zones to set aside 20% of tax revenue generated by higher property values for new development. Currently, Buena Park’s set-aside fund totals $850,000 and the city expects to add an additional $4.4 million in the next five years, with about one-third targeted for single-family housing.

The Redevelopment Agency, made up of the City Council, has targeted 60% of the fund for the rental rehabilitation programs for existing apartment units and for the development of the senior housing units.

Buena Park has three redevelopment areas: the Central Business District Project Area, established in 1979 and expanded in 1981; Redevelopment Area No. 2, established in 1985; and Project Area No. 3, formed in 1990.