Twenty new homes go on sale Saturday, Jan. 30 in Brea with prices ranging from $320,000 to $500,000.
But sale of these 20 “flats” will be limited to buyers meeting moderate-income limits under the city’s affordable housing program, a news release by builder Trumark Homes said.
That income limit was $98,900 a year for a two-person household in 2020 and $123,600 for a family of four, according to the city’s website.
The “Flats at West Village” are part of Trumark’s West Village townhome development across from Central Park in northwest Brea. Trumark is selling the affordable units under a Brea program requiring new developments to set aside at least 10% of their units for sale at below-market rates.
Median condo prices in Los Angeles and Orange counties averaged at least $542,000 last year, CoreLogic data show. Trumark’s website shows prices for market-rate townhomes in the West Village project start around $750,000.
Applications will open at 10 a.m. Saturday at applywestvillageaffordable.com, with Finance of America Mortgage conducting the financial review process. Qualifying buyers will be chosen based on the order of their applications.
Eight floor plans will be available, ranging from 791 to 1,624 square feet, with one to three bedrooms and one to two bathrooms. All 20 units have walk-in closets, washer/dryer hookups and outdoor decks.
The project includes three one-bedroom units selling for $320,000, seven two-bedroom units selling for $420,000 and 10 three-bedroom units priced at $500,000. More details are available at bit.ly/3qVpBuK.
Buyers will be required to execute an Affordable Housing Agreement with resale restrictions, including limits on resale prices. Moderate-income limits are set at 20% above the Orange County median income.
Source: Orange County Register