The 166-apartment community is for low-income residents 55 years and older
USA Properties Fund and Riverside Charitable Corporation have completed The Orion, an affordable apartment community in Orange for low-income residents 55 years and older in one of the most expensive housing markets in the nation.
The Orion – located at 1800 E. La Veta Avenue, near the interchange of Freeways 55 and 22 – is a “great project in a perfect location,” said City of Orange Mayor Dan Slater. “Orange is a clean, safe city for seniors and the fact that these units are affordable, makes it that much better.”
The 166-apartment community is a high-profile infill development near several shopping centers, health care providers and public transit, including bus service and connections to light-rail service throughout the region. The Orion is also close to community and regional parks, and a short drive to beaches, Disneyland and Angel Stadium, home of the Los Angeles Angels.
The Orion, which includes eight permanent supportive housing units for residents faced with housing insecurity, still has about 10 apartments available for those who meet the age and income requirements.
The Orion is possible thanks to a major public-private partnership that includes the City of Orange, County of Orange, Orange County Housing Finance Trust, Orange County Health Care Agency, Bank of America, Citibank and Safehold.
“The Orion is an excellent example of community support and partners working together to provide safe and affordable housing,” said Geoff Brown, President of USA Properties Fund. “The members of the public-private partnership are committed to helping with the critical shortage of affordable housing and ease the financial burden that so many low-income residents, especially seniors, face in Orange County.”
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The Orion
Some photos from the grand opening on May 13
More than 75 people, from community leaders and elected officials, attended the grand opening of The Orion. Resident Carolyn Pagani spoke about how The Orion has improved her life, from the affordable rent to the well-kept community. Photos by Bernadette Johnston
The county needs at least 124,500 more affordable homes to meet the burgeoning demand from low-income residents, according to The Kennedy Commission. With few affordable apartments available, more than 80% of extremely low-income households spend at least half of their income on rent.
“We have a housing shortage in California, and it is imperative that we address that by providing appropriate and tasteful developments that reflect the identity of the community while meeting housing needs,” said Orange County Supervisor Don Wagner, whose district includes the City of Orange. “The Orion in Orange accomplishes just that, by providing much-needed housing to low-income seniors in the community.”
In 2023, the Orange County Housing Finance Trust invested in The Orion and led to more outside financing, making the affordable community “for our seniors a reality,” said Katrina Foley, Vice Chair of the Orange County Board of Supervisors.
“Through our Master Plan for Aging, the County remains committed to ensuring older adults can age with dignity in a safe, affordable community,” said Foley, who also serves as Chair of the Orange County Housing Finance Trust. “The Orion is proof of that commitment.”
Get together, rain or shine
‘A modern haven for seniors’
It’s the second time the parcel has been developed to help hundreds of residents since 1950. The apartment community was built on the former site of the Rehabilitation Institute of Orange County. The 75-year-old nonprofit, started by a mother with a disabled child, now serves about 400 children daily at two other locations under the name of Reimagine OC.
The Orion “represents a transformative win-win for the City of Orange, converting a revered location into a modern haven for seniors,” said Recinda Shafer, Deputy Executive Director for Riverside Charitable Corporation in Tustin. “We are honored to continue the legacy of this land.”
The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for the $63.6 million project.
The California Tax Credit Allocation Committee (also known as TCAC) awarded highly competitive bond funding for the high-profile development, saving the state and taxpayers several million dollars. Bank of America offered favorable terms as the construction and tax-credit equity lender, and Citibank did the same as the permanent lender.
“We are proud to provide long-term permanent financing for the Orion Apartments, delivering 166 affordable homes for lower-income seniors in Orange County,” said Mike Hemmens, Originating Banker for Citi Community Capital. “Supporting developments like Orion that make a real community impact is core to our mission.”
“This project ensures that a site dedicated to serving others for seven decades will continue to be a place of support and community for generations to come.”
Recinda Shafer, Deputy Executive Director for Riverside Charitable Corporation
The Orion also was approved for an affordable housing density bonus, significantly increasing the number of apartments allowed per acre, making the project financially feasible, and providing more housing for low-income residents. The additional apartments allow more residents to move to – or remain in – Orange County, one of the highest-priced housing markets in the nation.
“Orange County will always be a great place to live and to retire, so our seniors deserve safe, cost-effective housing like The Orion,” said Allen Staff, President for Bank of America Orange County. “Bank of America has been a leading financer of new affordable housing across Orange County, with nearly a half-billion dollars in construction debt and tax credit equity to build a dozen high quality, service-rich communities like this one in recent years. We’re proud to join our longtime developer partner USA Properties Fund, the City of Orange and Orange County housing leaders to welcome hundreds of seniors into their homes today.”
Home sweet, home
‘A place of support and community for generations to come’
The Orion offers one- and two-bedroom apartments with energy-efficient appliances, lighting and windows. Some apartments will have a balcony.
The apartment community is available to residents 55 years and older with household income of 30% to 70% of the area median income for Orange County, about $40,600 to $94,780 for a two-person household. The income limit reaches almost $128,000 for a five-person household.
Rents range from $866 for a one-bedroom apartment for a household at 30% of the area median income to $2,542 for a two-bedroom unit at the 70% income level, still significantly less than nearby market-rate apartment communities.
The Orion is affordable but has a long list of amenities, including a clubroom, fitness center, computer workstations and a dog park. A community garden with elevated planters, a courtyard and shaded patio, and 170 parking spaces – including EV charging stations – are also part of The Orion.
Residents will also have access to a range of social services, from budgeting and financial planning to health-related information through LifeSTEPS, a social-services provider at many of USA Properties-managed affordable communities in California.
“The Orion highlights the incredible possibilities that emerge when private and public partners come together for the greater good,” said Shafer of Riverside Charitable Corporation. “This project ensures that a site dedicated to serving others for seven decades will continue to be a place of support and community for generations to come.”