The City and now-defunct Redevelopment Agency entered into four affordable housing agreements with Civic Center Barrio Housing Corp. for acquisition and rehabilitation projects that resulted in 30 multi-family rental units. The projects were assisted by multiple funding sources, including Redevelopment Housing set-aside funds and HOME program funds. The projects have a 55-year affordability period.
Costa Mesa Village
Costa Mesa Village, which sits on the site of a former 96-room hotel, is Orange County’s first single-resident occupancy (SRO) project. The units are available to tenants earning at or below 50% of the median income in Orange County and are preserved as“affordable in perpetuity. Construction was made possible with the financial assistance of the Costa Mesa Redevelopment Agency and the County of Orange in the form of a deferred interest loan.
Habitat for Humanity
The City provided Redevelopment Housing set-aside funds and HOME funds for the acquisition and construction of 11 homes by Habitat for Humanity. The homes were all made available for purchase to low-income, first-time homebuyers who were required to contribute a substantial amount of sweat equity hours to the rehabilitation\reconstruction of their homes. The homes were sold to these first-time homebuyers at an affordable price and are re-sold in perpetuity as affordable for other first-time homebuyers.
St. John’s Manor was an at-risk, 36-unit, senior-citizen, income-restricted apartment project whose existing HUD subsidy was about to expire and in danger of returning to a market-rate property and adversely impacting the low-income seniors residing in the property at the time. The City partnered with the owner to provide set-aside funds and federal HOME funds for the acquisition/rehabilitation of the property. This allowed the owner to substantially rehabilitate the property as well as preserve the affordability of the project for an additional 55-year period.
Costa Mesa Family Village
The City provided Community Development Block Grant funds for the acquisition/rehabilitation of Costa Mesa Family Village, a multi-family rental project for low-income families. The project consists of 72 income-restricted units with an affordability period of 55 years.