- ADVERTISEMENT - 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.