The Orange County Board of Supervisors approved up to $5.2 million of funding on Feb. 25 to help finance a 39-unit affordable housing project in Brea.
Brea PSH, at 323 N. Brea Blvd., is being built by a limited partnership formed by Jamboree Housing Corp., a nonprofit developer of affordable housing.
The total cost to build the project is $31.8 million, per Orange County staff.
The supervisors’ vote allows the county to loan Jamboree Housing Corp. as much as $5.2 million in construction financing for Brea PSH. The loan is being offered on a 55-year term with 3% interest.
Brea PSH would feature 38 one-bedroom units and one two-bedroom unit for a property manager.
The one-bedroom units would be available for “extremely low-income persons with household incomes at or below 30% area median income… who are experiencing homelessness,” per Orange County staff.
Jamboree Housing Corp. would build Brea PSH on a vacant parcel owned by the city of Brea. The city gave Jamboree Housing Corp. a 99-year ground lease. 323 N. Brea Blvd. is in a mixed-use area with commercial, industrial, multifamily and single-family residential uses.
On-site amenities, once the development is completed, would include 22 parking spaces, bicycle storage area, community room, office space, outdoor seating, courtyard and a second-floor deck.
Quality Management Group would provide property management services. On-site services such as life skill training, substance abuse counseling and money management education would be provided by Housing with Heart.
Quality Management Group and Housing with Heart are affiliates of Jamboree Housing Corp.
The $5.2 million loan is fully funded by the federal government’s HOME Investment Partnership Funds and/or 15G Reserves.
Jamboree Housing Corp.
Jamboree Housing Corp. is a 501(c)3 nonprofit developer that has operated in Orange County for more than 30 years and maintains a $3.2 billion portfolio covering 27,000 residents in more than 100 affordable housing projects in 50 cities across California.
Jamboree Housing Corp. placed 700 people experiencing homelessness in Orange County into new housing. The nonprofit also provided a place to live for about 120 individuals with a mental health diagnosis.
The Jamboree Housing Corp. portfolio in Orange County includes Ascent in Buena Park, Aurora Vista in Stanton, Birch Hills in Brea, Camden Place in La Palma and Emerald Cove in Huntington Beach.
The nonprofit was founded in 1990 with the intent to provide housing options for low-income families and seniors in Irvine. Jamboree Housing Corp started with a $1 million grant to fund a first-time homebuyers’ program in Irvine, eventually growing to leverage nearly $400 million in federal, state and local money to build more than 1,100 new homes and 15 neighborhoods across eight California counties.
