LAKE FOREST : Deal Allows More Low-Cost Housing
Under a deal approved last week by the City Council, a company that owns a 72-unit apartment complex will be allowed to refinance its original construction bonds in exchange for providing more units for lower-income residents.
By unanimous vote, the council agreed to let Western National Properties, which owns the Trabuco Woods apartments at 27159 Rimhurst Drive, extend the bonds.
In addition to lowering the income level required to qualify for one of the affordable apartments, the owner also agreed to continue offering the low-cost housing until 2008.
City officials said the council’s approval of the deal continues a city policy to create and encourage the development of more affordable housing in Lake Forest.
The project was built under a state program in 1984. Low-interest bonds were available to developers who set aside 20% of their units for affordable housing. When the bonds mature and are paid off, the building owners are no longer required to extend affordable housing to low-income families.
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