MOORPARK : Planners to Review Low-Income Project
Moorpark’s first development of low-income rental units came a step closer to being built Wednesday when the City Council voted to send the proposal to the Planning Commission.
The project, which would be built by Bibo Inc. of Camarillo, would consist of 100 rental townhouses. If approved by the Planning Commission and council, it will be the city’s first low-income rental project since its incorporation in 1983, said Councilman Roy Talley Jr.
The proposal is unusual because it will be reserved entirely for low-income residents, Director of Community Development Patrick Richards said.
The only other housing development in Moorpark occupied solely by low-income residents is Villa Campesina, a housing tract built by the homeowners themselves. More common in Moorpark are projects that set aside a few units for low-income residents.
Many downtown residents oppose the Bibo Inc. project because it will be occupied only by low-income residents, Richards said. In addition, Villa Campesina is located nearby, as would be another proposed development that would include some low-income units.
Under Bibo’s proposal, the developer would rent the townhouses at lower-than-market rates for at least 30 years. Monthly rents for the two-, three- and four-bedroom units, based on the income of the residents, would range from $423 to $726, said Patrick Richards, director of community development.
Whenever the county’s median income figure of $48,400 goes up or down, rents would be adjusted accordingly, Richards said. In addition, the project’s tenants would have to show every year that their incomes still qualify them for the reduced rents.
Bibo Inc. Vice President David Fukutomi said the company is able to afford to build a 100% low-income project by using various state and federal incentive programs. They include tax credits for the project’s investors and lower interest rates on certain loans.
Bibo would build the development south of Los Angeles Avenue, just west of Fremont Street.
The Planning Commission will hold its first public hearing on the proposed development at 7 p.m. Monday.
