A recently-approved housing complex set for construction in the Long Beach Poly neighborhood is designed with more than 90 units to be offered at below-market rates.

Members of the Long Beach Planning Commission approved the complex on Thursday, according to a City Hall announcement. Called “The Spark at Midtown,” the newly-greenlighted project is designed as a five-story building to go up nearly one acre of land at 1900-1940 Long Beach Boulevard. LINC Housing Corp., a developer of affordable housing with offices in Long Beach, applied for permission to develop the project.

The Spark at Midtown is planned as a 95-unit complex, and aside from a single-unit to be set aside to give its future manager a place to live, all of its dwellings are to be made available to people whose incomes fall below the median level. Plans call for 47 two- or three-bedroom units to be made available to people earning up to 60 percent of area median income, and another 47 one-bedroom units to be reserved for people earning no more than 30 percent of area median income, according to a staff report.

In Los Angeles County, the federal government pegs the median income level at $64,300.

Approved project designs also call for the construction 115 parking spaces and nearly 12,400 square feet of retail space at ground level. The YMCA is expected to occupy some of that space, according to city government.

On the day before planning commissioners voted, the Long Beach Community Investment Co.’s governing board voted to extend a $3-million loan to LINC Housing to finance a portion anticipated development costs. Total development costs are expected to top $51.8 million, according to another staff report.

Terms for an eventual sale of the land from Long Beach Community Investment Co., which is a city government entity, to LINC Housing are still under negotiation, Development Services Department spokeswoman Jacqueline Medina said. A financial analysis shows LINC estimates fair market value for the property as nearly $3.4 million.

The project site is within the area of Long Beach where building and development is governed according to the Midtown Specific Plan, which the City Council approved in May 2016. The plan allows for taller buildings, as high as 10 stories near major intersections, along a 2.5-mile stretch of Long Beach Boulevard near the path of the Blue Line’s tracks.

A representative of LINC Housing could not be reached immediately for comment Tuesday.