HomeMy WebLinkAbout85-39 - Density Bonus Request - Low Income Apartmentsu
RESOLUTION NO. 85 -39
A RESOLUTION OF THE CITY COU14CIL OF THE CITY OF
NEWPORT BEACH APPROVING THE DENSITY BONUS REQUEST
OF THE WALE DEVELOPMENT CORPORATION FOR PURPOSES
OF CONSTRUCTING A 65 UNIT RENTAL APARTMENT DEVEL-
OPMENT AFFORDABLE TO VERY LOW AND LOW INCOME
FAMILIES FOR A PERIOD OF THIRTY YEARS.
WHEREAS, the City Council of the City of Newport Beach has
made a commitment to increase the supply of affordable housing in
Newport Beach; and
WHEREAS, the Housing Element of the Newport Beach General
Plan has established policies pertaining to providing housing oppor-
tunities for all economic segments of the City; and
WHEREAS, these policies include providing incentives and
direct assistance to property owners, within the limitations of
available resources; and
WHEREAS, the City of Newport Beach continues to use its
Community Development Block Grant funds to assist in the development
of Affordable Housing; and
WHEREAS, Section 65915 of the California Government Code
provides for approval of a density bonus for affordable housing
developments; and
WHEREAS, the Wale Development Corporation development
provides 20 units affordable to very low income families and 45 units
affordable to low income families for a period of thirty years;
NOW, THEREFORE, the City Council of the City of Newport
Beach does hereby resolve as follows:
That a density bonus is hereby granted to the Wale Develop-
ment Corporation for the proposed rental apartment develop-
ment on Fifteenth Street in this City. That Community
Development Block Grant funds will be used to assist in the
• development of this affordable housing project in confor-
mance with the City's Final Statement of Community Develop-
ment Objectives and Projected Use of Funds.
Adopted this 10th day of June , 1985.
ATTEST
r
CLERK
RESO1
(3ul-1r)tF� I AAU
MAYOR
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