Four of every five units of affordable housing committed to the development of Angel Stadium parking lots no longer have to be builtGetty Images
The city of Anaheim in order to "preserve the Angel Stadium land sale" made a deal last week with Angels Owner Arte Moreno who agreed to “pay $96 million to the city, which would use that money to fund affordable housing projects elsewhere in Anaheim,” according to Bill Shaikin of the L.A. TIMES. Because of that new deal, Moreno “no longer has to build four" of every five units of affordable housing he had "committed to include" in developing the Angel Stadium parking lots. The $96M represents the amount of a fine -- 30% of the $320M sale price -- for which Anaheim “would have been liable, in the absence of the settlement with the state.” The California state housing agency said that Anaheim had violated state affordable housing law by not “making the lots available to affordable housing developers.” Under the original terms of the sale, the city credited Moreno’s development company with $124M toward the "inclusion of 466 units of affordable housing on the site." Now, with Moreno "paying back about 80% of the rebate in cash," he “no longer is required to build about 80% of those units.” Moreno’s company “has 25 years to build the affordable homes” (L.A. TIMES, 5/7).