The Anaheim City Council will decide this week on how to use the first $15 million Disney gave them for affordable housing, as part of the DisneylandForward project.
Anaheim Affordable Housing Plan
According to the Orange County Register, the council will discuss the plan at a meeting on Thursday, May 29. The plan currently before the council is to provide money to help build affordable units, provide loan assistance to homebuyers in the city, and provide funding for low-income families at risk of eviction.
DisneylandForward is an expansion plan for Disneyland Resort, approved by Anaheim last spring. As part of the plan, Disney committed $30 million to go toward affordable housing. They will provide the first $15 million this year and the second $15 million in five years.
In addition to the money from Disney, Anaheim will receive $1 million from a federal grant. City staff will present the affordable housing plan at Thursday’s meeting.
The proposal asks for $9.5 million of the $16 million to go toward the “Build More Homes Initiative,” which, straightforwardly, is for building more affordable housing units. Officials estimate this could support the creation of 250 to 300 units.
The proposal’s loan assistance program could offer a 30-year “silent second mortgage” of $50,000 with a 3% interest rate, which would allow borrowers to not make payments until they sell, refinance, or pay off their home. A requirement would be a household income that does not exceed 150% of the median income for the county.
The last $1 million would be to help residents at risk of eviction with one-time grants up to $5,000 or two months’ rent, whichever is lower, to households making under 50% of the median income.
Anaheim’s Housing and Community Development Commission has already unanimously approved the plan for funding.
The City Council meeting will be at 5 p.m. on Thursday at 200 S. Anaheim Blvd.
Disney also promised $10 million for sewer improvements along Katella Avenue and $8 million for Anaheim city parks within the first year. The company committed to spending between $1.9 billion and $2.5 billion on Disneyland Resort over a decade. Plans in the works include an expansion to Avengers Campus, including the new attractions Avengers: Infinity Defense and Stark Flight Lab, and a new “Avatar” land.
Disney is also funding an affordable housing project in Florida, which was approved by Orange County Commissioners last fall.
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