LINCOLN HEIGHTS : 106-Unit Townhome Project Under Way

Workers have started grading five acres to make way for a 106-unit townhouse development by the East Los Angeles Community Union (TELACU).

City View Terrace, a $17.5-million development at 3711 Baldwin Ave., should be completed by about July and ready for occupancy by year’s end, said Rick Martinez, TELACU vice president for affordable housing.

Under the state Century Freeway Housing Program, special financing will be available for most of the units, which have been designated as “affordable housing” units, Martinez said. Prices will start at $150,000.

The special financing allows first-time buyers to pay below-market interest rates with a 5% down payment. The financing also allows the last $50,000 to be paid when the owners sell the unit or after 30 years, Martinez said.

“The buzzword for 1993 is affordable ,” Martinez said. “It allows hard-working people to own their homes under the affordable designation.”

The Mediterranean-style, two- and three-bedroom units will range from 1,000- to 1,800 square feet, with parking beneath them. Each will have a balcony or patio. The general contractor is Cal-Pac of Culver City.