Affordable Housing Project Moves Forward In Murrieta

MURRIETA, CA — An affordable housing project targeted for a 4.3-acre site at the corner of Los Alamos Road and Monroe Avenue in Murrieta is moving forward.

During Tuesday night's Murrieta City Council meeting, the council unanimously approved a resolution confirming an affordable housing agreement between the Murrieta Housing Authority and Monamos Terrace LP to develop a multi-storied, eight-building complex with 139 apartments at 40920 Los Alamos Road.

Newport Beach-based Monamos Terrace LP is now working to satisfy the development’s conditions of approval and mitigation measures, and is working with the city on grading and building permit plans for the project.

Over a term of 55 years, the “Monamos Terrace Apartments” will be leased at "affordable rent levels" to low-income and very low-income individuals and families, according to the conditions of the agreement. A Dec. 2021 document filed with the state treasurer shows the apartments will serve households earning 30% to 80% of the area median income.

Murrieta's median household income is $91,654, according to the latest U.S. Census Bureau data

The Monamos Terrace Apartments will offer one-, two- and three-bedroom units from 528 to 1,110 square feet. There will be 190 parking spaces. Primary access to the complex will be via a new driveway on the east side of Monroe Avenue. Secondary access will be via Elenora Way, according to environmental documents for the project.

Once constructed, the project will help the city meet its state-mandated regional housing needs allocation (RHNA) for lower-income households.

To fund the development, Monamos Terrace LP submitted an application to the California Municipal Finance Authority for $50 million in tax-exempt bond financing, which was approved in October. The bonds are not obligations of the city.