The Costa Mesa City Council is considering a plan to covert a apartment complex near South Coast Plaza in to workforce housing. The 250 unit complex at 500 Anton Blvd in Costa Mesa is currently a mix of studio and, one as well as two bedroom units.
The money to do the project would come from the California Statewide Communities Development Authority who would issue $170 million in tax exempt bonds paid off over 30 years. To qualify for the program renters would have to be making 80 to 120 percent of the areas median income.
Rents currently at the apartments are $2,300 to $3,575 a month with a decrease under the program meaning residents would save approximately $291 to $480 a month.