Renting in Orange County soon will be a little more attainable for a few people who earn low or moderate incomes.
Construction on a 50-unit affordable housing complex in Fountain Valley will get underway next month. Located on Harbor Boulevard just east of Mile Square Park, the project is slated for completion in early 2022.
“It’s an opportunity for people working in Orange County whose incomes are below the median – such as newly hired teachers and police officers – to live here,” said Mayor Cheryl Brothers. “That helps with traffic and reduces commutes from other counties.”
The development, called Prado, will offer apartments for renters designated as both low-income and extremely low income. It also will set aside eight units as permanent supportive housing for veterans who are homeless or are at risk of homelessness.
On a sliding scale, monthly rents for one-bedroom apartments are expected to range from $618 to $1,441. Two- bedroom apartments will run between $695 to $1,729.
Average monthly rents in Fountain Valley are about $1,800 for a one-bedroom apartment and $2,100 for two-bedrooms.
The project’s owner and developer, Related California, specializes in affordable housing, The company has built 25 similar projects throughout Orange County, said CEO Bill Witte.
The developments cater to families with annual incomes between $45,000 and $60,000, Witte said.
“Orange County has a large service economy,” Witte said. “Many of its employees live in substandard or crowded environments.”
Witte said the “high-quality” development will blend in with other apartment complexes in Fountain Valley.
The complex will sit on what is now a 1.95-acre parking lot purchased for $6 million. Total cost is $29.6 million.
It is the first such development in Fountain Valley in 16 years.
“We’ve been working for many years to get an affordable housing development off the ground,” said Mayor Pro Tem Michael Vo. “It’s exciting to see it come to fruition.”
The complex will comprise four apartment buildings and one building with a multipurpose room and offices. Amenities will include a playground, a laundry room and a barbecue area.
Tustin-based nonprofit LifeSTEPS will provide supportive and educational services to help residents on a tight budget succeed.
The 50 units will put a slight dent in the additional housing Fountain Valley is expected to produce by 2029.
In 2019, the state drastically increased the number of homes Southern California cities are supposed to build. Housing allocations are broken down into four income types to ensure that each city provides adequate affordable housing for low-income residents.
The state’s “Regional Housing Needs Assessment” calls for Fountain Valley to make way for 4,827 new units by 2020 through zoning and development deals. However, the city recently filed an appeal of those numbers.