A new affordable housing trust in Anaheim is poised to provide financial support for affordable communities, first-time homebuyers, and residents facing eviction. The Anaheim Local Housing Trust Fund, established by the City Council in August, will be discussed further at a council meeting on Thursday.
The fund begins with $16 million, including a significant $15 million contribution from Walt Disney Co., supplemented by $1 million from existing federal funding. Under the proposed plan, $9.5 million will finance future affordable communities, $5 million will assist first-time homebuyers, and $1 million will aid those at risk of eviction. Administrative costs of $500,000 will be covered by the Anaheim Housing Authority.
Nearly $10 million is earmarked for building affordable housing communities in Anaheim. These developments resemble typical apartment complexes but are reserved for residents with incomes near or below Orange County’s median income of $136,600 for a family of four. Funding from the trust is expected to help create 250 to 300 affordable apartments across several projects.
Additionally, the trust will support a citywide homebuyer assistance program offering loans up to $50,000 for down payments to first-time buyers earning up to $200,000 annually. These loans require repayment only when a house is sold or refinanced.
The trust also plans to provide rent assistance grants up to $5,000 for approximately 200 households facing eviction. Eligibility depends on household income and other criteria such as residency or employment in Anaheim for at least one year.
Most initial funding comes from Disney as part of their DisneylandForward development agreement with Anaheim. This agreement includes zoning changes allowing expansion on land adjacent to Disneyland’s existing theme parks and promises additional funds for housing and parks over time.
Anaheim’s City Council meeting regarding the housing trust guidelines and spending plan is scheduled for Thursday at City Hall at 5 p.m., accessible both in person and online.
