SIMI VALLEY : City’s Aid Sought for Affordable Housing

The Simi Valley City Council will consider a proposal to provide financial assistance for a $3-million affordable housing project, officials said.

The Cabrillo Economic Development Corp., a nonprofit company based in Ventura, has proposed to build 22 affordable townhouses and condominiums on a 1.6-acre parcel near Apricot Road and Tapo Street. The cost of the residences would range from $98,000 to $110,000.

However, Cabrillo officials said they cannot build the project without the city’s help.

Simi Valley City Councilman Bill Davis, who along with Councilwoman Judy Mikels sits on the city’s affordable housing subcommittee, said last week that the city and the developer have worked out various financing options that would make the development possible.

One option would be for the city to finance the entire $3-million project, while another would involve the city purchasing the land and providing additional security that would enable Cabrillo to obtain a loan for the project.

Davis said such a development is desperately needed in a city where the median price of a house is about $240,000.

“You’re looking at a product that would certainly fill the need of some of our policemen, firemen and single-parent families,” Davis said.

Davis said he and Mikels plan to bring the issue to the City Council in early March.

“I think it’ll happen,” Davis said of the project.