Wednesday, June 24, 2015

Affordable Housing Update: New Habitat for Humanity Project

Plans for a 6-unit affordable home ownership development in Glendale are moving forward following the Housing Authority's approval for the appropriation of $1.4 million in federal HOME funds to support the project. The project will be built on 634 and 700 East Lomita Avenue in partnership with San Gabriel Valley Habitat for Humanity.  Priority will be given to low income, first time homebuyer households that live and/or work in Glendale.

The estimated cost of the entire project is $2.8 million. The Housing Authority will provide $1.4 million which will include the land purchase of $980,000. The project will consist of 6 attached townhouse style 1,300 square foot condominiums. Each unit will have three bedrooms, 1.5 bathrooms and an attached two-car garage. Each affordable housing unit will be sold to qualified low-income first time homebuyers for an estimated total value of $425,444, of which approximately $194,000 will be a monthly mortgage  payable to Habitat at 0% interest. The balance will consist of deferred nonpayment loans on the units that will help ensure long time affordability to all future buyers. Additionally, each selected family must complete 500 hours of “sweat equity” by working on the project.

The Glendale Housing Authority is committed to developing new affordable housing opportunities in the City. Habitat has completed seven ownership projects and is in construction on its eighth in Glendale. This project will be their ninth project in Glendale, providing a total of 43 units of affordable home ownership housing.

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