Design and Construction Report staff writer
Anaheim has approved a $16 million housing trust fund to expand affordable housing, assist first-time homebuyers, and support residents facing eviction.
The Anaheim City Council on Thursday approved spending guidelines for the Anaheim Local Housing Trust Fund, which was created in August. The fund is launching with $15 million from the Walt Disney Co. and $1 million from existing federal funding.
Under the plan, $5 million will be allocated to help finance affordable housing developments, $5 million will go toward down payment assistance for first-time homebuyers, and $1 million will be used to support residents at risk of eviction. Another $4.5 million will be set aside for future use at the council’s discretion, and $500,000 will cover administrative costs for the Anaheim Housing Authority.
The city plans to use the funding to help develop several affordable housing communities rather than a single project. Anaheim currently has nearly 40 affordable communities, totaling more than 4,000 income-restricted apartments. Rents in these communities are typically capped at about one-third of a tenant’s income and serve households earning near or below the Orange County median income of $136,600 for a family of four.
Affordable housing developments in Anaheim often cost $40 million or more to complete. The city generally contributes between $7 million and $15 million through land, cash or financing support. Officials estimate that $9.5 million from the new trust fund could help create between 250 and 300 new affordable apartments.
One recent project, the Miraflores Apartments near Anaheim City Hall, opened in December with 86 units. The development cost $45 million, with Anaheim contributing $13 million in land and funding.
City officials say the housing trust will serve as a flexible tool to support local housing priorities and may attract additional public or private contributions in the future.
