Coalition Forms Against Rising Home Costs
Concerned over rising home costs, several public and private groups have formed the Orange County Affordable Home Ownership Alliance in an effort to increase the housing supply for working families.
Housing costs have become employers’ biggest barrier in recruiting and retaining employees in Orange County, according to a study released this year by the Orange County Housing and Community Development Department. In addition, most public service workers cannot afford to live in the municipalities they serve.
A shortfall in affordable housing “is a growing concern for businesses in Orange County,” said Stan Oftelie, president of one alliance organization, the Orange County Business Council, which represents more than 1,000 members.
The alliance includes the Orange County Business Council, Merrill Lynch, the Enterprise Foundation, Fannie Mae and the Building Industry Assn. of Orange County. Each sponsoring group provided about $50,000 in seed money, and Jill Dominguez was hired as interim executive director.
The group will launch a major fund-raising effort to meet its goals, which include:
* Providing low-interest loans to affordable housing builders and low-cost mortgages to buyers.
* Advocating less expensive housing.
* Serving as a resource center for government, businesses and developers.
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