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FV Newsletter

The Fountain Valley Communications Team has been created to keep the community informed and connected on various departments’ programs and services including upcoming events. The team decided to create a monthly Fountain Valley Newsletter to update residents on subject matter we believe is of importance to you. 
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Nov 23

Prado Affordable Housing Project Ground Breaking on November 16

Posted on November 23, 2020 at 2:03 PM by Maggie Le

Prado1
Located on a 1.95-acre empty parking lot on the Eastern border of the City of Fountain Valley, Prado will be a 50-unit affordable development for extremely-low and very-low income families, targeting 30% to 60% Area Median Income (AMI.) Eight units have been designated as Permanent Supportive Housing (PSH) for veterans who are homeless or at risk of homelessness.

The development will be comprised of four (4) residential buildings and one community building with property management and social services offices. Two (2) of the residential buildings will be two-story walk-up structures with tuck-under parking, one (1) residential building will be a three-story structure with tuck-under parking, and one (1) residential building will be a four-story structure with no tuck-under parking. The community building will be a single-story structure with a central walkway. There will be 50 tuck-under or carport parking spaces plus 44 uncovered spaces.
 

The onsite amenities will include a multi-purpose room, tot lot, barbeque and picnic area, community laundry area, plus plenty of outdoor spaces, including a separate area for teen fitness and recreation.
  Residents have prime access to transit and the 30-mile, public Santa Ana River trail that offers recreation opportunities for bicyclists, runners and walkers.  The development is located in close proximity to Interstate 405.


The development is slated to be GreenPoint Rated. The total project cost is approximately $29.6 million.


Program:

  • 23, one-bedroom, one bath units; approximately 485 sq. ft.
  • 14, two-bedroom, one bath units; approximately 770 sq. ft.
  • 13, three-bedroom, two bath units; approximately 1,085 sq. ft.

  • Rents for a one-bedroom apartment will range from $618-$1,441
  • Rents for a two-bedroom apartment will range from $695-$1,729
  • Rents for a three-bedroom apartment will range from $773-$1,998

Residual Receipts Loans:

  • Orange County PSH Loan - $453,600
  • VA – VASH PBS8 Tranche B Loan (8 PBVs) - $890,000
  • City of Fountain Valley – Development Loan - $2,000,944
  • City of Fountain Valley – Acquisition Loan - $6,199,056

Proposed Construction Start: December 2020 

Proposed Completion Date:  February 2022

Developer: Related California

NonProfit Partner: Foundation for Affordable Housing

Architect:  DNA Design and Architecture

General Contractor:  RD Olson Construction, Inc.

Property Management:  Related Management Company

Social Services Provider:  LifeSTEPS

Sustainability Status:  Anticipated GreenPoint Rated