FOUNTAIN VALLEY : Work on Affordable Homes Project Begins
Local officials held a groundbreaking ceremony last week for the city’s first for-sale affordable housing development, hailing it as an opportunity for first-time buyers to own their own homes in the county’s pricey real estate market.
More than 200 families have already expressed an interest in buying townhomes at Heil Park, a 24-unit project targeted for buyers earning below the county’s median income.
“We’re providing much-needed affordable homes to a segment of our working-class people who otherwise couldn’t afford the American dream of homeownership,” said Councilman John Collins. The City Council approved the project in January, despite objections from nearby homeowners. Residents voiced concerns about the project’s density and about the prospect of increased traffic and crime.
Heil Park is being built in cooperation between the city and the Seal Beach-based Olson Co., with money for the purchase of the land also provided through the U.S. Department of Housing and Urban Development. The project will be on a one-acre site on Heil Avenue near Harbor Boulevard.
The groundbreaking ceremony for the project was held last Thursday. Construction is expected to begin today, with completion in September.
“Heil Park is the direct result of a city willing to invest in its community,” said Mark Buckland, president of the Olson Co. The housing project will consist of two- and three-bedroom homes ranging in size from 880 square feet to 1,100 square feet. They will be priced between $99,900 and $127,900.
Potential buyers can earn no more than 80% of the median income of Orange County, which is $52,200, and pay no more than 30% of their income for housing expenses, Buckland said. This means that a family of four can earn up to $38,600 in order to purchase a home in the development.
A home priced at $99,900, for example, can be purchased with a down payment of $3,000 and a monthly principle and interest payment of $550, Buckland said.
A recent study showed that 27% of Fountain Valley residents qualify for affordable housing, according to the 1990 U.S Census. About 80% of the 200 people interested in the project either work or live in Fountain Valley, Buckland said.
City officials said that every city in the state is mandated by state and federal law to provide housing opportunities for all economic segments of the community.
