A lottery to determine eligibility to purchase eight below-market-rate townhome units on the west side of Yorba Linda is part of a housing agreement between the city and the developer Olson Company, approved on a unanimous vote by the City Council at a May 19 meeting.
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The eight units are part of a three-story, 40-unit project to be built on a nearly two-acre parcel at the northwest corner of the Yorba Linda Boulevard and Liverpool Street intersection (4861 Liverpool St.). The project’s marketing name is Solana Walk.
The affordable units include four one-bedroom, 1.5-bath units and four two-bedroom, 2.5-bath units. The 32 market-rate units include 18 three-bedroom and 14 four-bedroom units.
Moderate-income households are eligible to purchase the eight designated units, which are under 45-year affordability covenants, according to the 109-page housing agreement.
Monthly housing expense for moderate-income families is defined as not less than 28% of gross household income and not to exceed 35% of 110% of the Orange County area medium income. Down payments on the affordable units will be 5%.
The 40 units will be built in four phases, with four of the affordable units completed in the third phase and the other four units in the fourth phase. Sale prices are to be determined later.
The four one-bedroom units will contain 972-square feet each, and the two-bedroom units 1,208 square feet each. The eight units are to be identified as affordable in the project’s covenants, conditions and restrictions (CC&Rs).
Under the agreement, the developer is required to formulate an “interest list” from the general public without restrictions and divide the list into two sections, the general public and those who live or work in Yorba Linda.
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The Yorba Linda applicants on the list will be offered an affordable unit in the order of their lottery ranking. Any remaining affordable units will be offered to applicants on the other list.
Because 20% of the units will sell for below market-rate prices, the project qualifies for “certain waivers or reductions of development standards,” according to the agreement.
These include waivers regarding setbacks, building separation, open space and landscaping. Other standards that apply to three-story buildings also will not apply to the development.
When any of the affordable units are resold, the new owner also must be income-qualified, “subject to verification by the city throughout the 45-year covenant,” Community Development Director Nate Farnsworth told the council.
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The Olson firm has also proposed to demolish an existing single-family residence and build 30 units on 1.62 acres at 4742 Plumosa Drive, north of Lemon Drive and the In-N-Out Burger location.
City staff members have conducted an initial review of the project and determined the application is incomplete. A resubmitted application is expected before a public hearing is scheduled.
Jim Drummond is a longtime Yorba Linda resident. He regularly gives his take on local issues. Send e-mail to [email protected].