City of Cypress invites you to second Housing Element Update Workshop oc-breeze.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oc-breeze.com Daily Mail and Mail on Sunday newspapers.
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A new state program seeks to increase the stock of housing for the so-called “missing middle” by issuing bonds to investors who buy existing market-rate buildings that are then transformed into units that a four-person household making $90,000 to $135,120 annually can afford.
Lennar, the developer of the Oceanaire building Downtown, recently took advantage of this new bond program and sold the two-year-old luxury complex for $144 million to the California Statewide Communities Development Authority, which bought the building using bonds purchased by investors who are repaid through monthly rents, plus interest.
The city had to sign off on the sale, as it will have to forgo property taxes for up to 30 years, but will get to keep proceeds from the future sale of the building.
Orange County cities will have to find space for more than 180,000 homes latimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from latimes.com Daily Mail and Mail on Sunday newspapers.
Irvine Officials Say State Housing Mandates Penalize Economic Success
Officials in Irvine, California, say the state has imposed burdensome housing quotas on the city because it has successfully created transportation hubs around major job centers as desired.
State mandates will require Irvine to build nearly 24,000 housing units by 2029. City planners liken the requirement to a punishment for economic success, and indicate they are being assessed on transportation hubs that are unlikely to be built for decades.
“To build over 23,000 units when a third of our city is dedicated permanent open space puts a weight that is probably close to, if not absolutely, unbearable on the master plan of the city,” Councilman Mike Carroll said.
Southern California Counties To Adopt Major Housing Production Targets | Sheppard Mullin Richter & Hampton LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.