Extension of Affordability Covenants for Five Points Senior Villas Project Housing Authority
August 19, 2025
Background
In 1991, the former Redevelopment Agency (now the Housing Authority) entered into an Affordable Housing Agreement with Five Points Seniors, L.P.
The Project, completed in 1993, includes 164 senior apartments at 18651 Florida Street 48 units (32 very low-income, 16 low/moderate-income) are subject to affordability restrictions Original 30-year covenant expired July 30, 2023
In 2020, the affordability covenant was extended by 3 years to July 30, 2026
Proposed Amendments
Five Points Seniors, L.P. is requesting a one-year extension of affordability covenants If approved, affordability restrictions will be extended from July 30, 2026 to July 30, 2027 Without this extension, the affordability covenants will expire and the restricted units may be rented at market rate The owner is evaluating long-term options and requested this short-term extension to maintain stability for residents
Housing Authority
The City Council also serves as the governing body of the Huntington Beach Housing Authority As the housing successor to the former Redevelopment Agency, the Housing Authority is responsible for administering affordability covenants on legacy housing projects This item is before the Housing Authority because it involves extending recorded affordability restrictions on a project originally funded by the Redevelopment Agency
Recommendations
Approve the Third Amendment to the Affordable Housing Agreement Approve the Second Amendment to the Declaration of Covenants, Conditions, and Restrictions Authorize the Housing Authority Executive Director or designee to execute the amendments and related documents ; and,
; and,
Questions?