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Fountain Valley staff brief council on buying 14 deed‑restricted Los Caballeros units; residents urge other uses for $9.4M fund
Summary
City staff outlined a proposal to use roughly $9.4 million from the Local and Moderate Income Housing Asset Fund to purchase 14 deed‑restricted units in the Los Caballeros complex. Residents and some council members said the purchase would not increase the city’s affordable housing stock and asked staff to explore alternative investments.
City staff presented a study-session proposal March 17 to acquire 14 deed‑restricted units in the Los Caballeros community using the Fountain Valley Housing Authority’s Low and Moderate Income Housing Asset Fund (LMIHAF), which staff said contains roughly $9 million earmarked for affordable‑housing activities.
Robert Daly, the city housing technician, told the council the two buildings contain seven affordable units each and carry affordability covenants running through 2062. He said the covenants remain binding regardless of ownership, that the units are rent‑restricted and income‑qualified, and that any rental income must be returned to the housing asset fund. “These units will not become transitional housing, halfway housing, bridge housing, or…
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