Affordable Housing Construction Starts

The first wall of an affordable housing development was raised this week.

Rep. Loretta Sanchez (D-Garden Grove) and Garden Grove Mayor Bruce Broadwater attended Tuesday’s ceremony, along with representatives from the Lee Group, a private development and general contracting company, and Fannie Mae, the country’s largest source of home financing.

The first construction phase of Brentwood Village, featuring 65 single-family homes, is expected to be completed by May.

The $15-million project, part of Garden Grove’s redevelopment, will be a mixed-income community at Garden Grove Boulevard and Flower Street. Two- and three-bedroom homes, designed for working families and first-time buyers, will go for $212,000 to $245,000. Twenty percent of the units will also be available to local families earning up to 120% of the area’s median income--$83,520 for a family of four.

“This construction site represents the neighborhood revitalization efforts now occurring throughout Orange County’s underserved communities,” Sanchez said. “Soon, more working families will be able to achieve the American dream of homeownership and have a stake in their community.”

The city’s Agency for Community Development helped acquire the land for the project. Fannie Mae invested $2.2 million and Imperial Bank provided $10.9 million in construction financing.

“The need for affordable housing in Garden Grove is significant,” Broadwater said. “According to a study by the Southern California Assn. of Governments, the city needs 1,300 new housing units by 2003 to keep up with population growth and demand.”

For information on homes in Brentwood Village contact Diane Lynch at (714) 530-8830.