Oxnard : Builder Asked for Low-Income Units
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The Oxnard City Council has unanimously approved a 110-unit townhouse project in La Colonia on the condition that the developers set aside 10% of the townhouses for low-income residents.
The council told developer Standard Pacific of Ventura to come back with an agreement setting aside the low-income units in exchange for financial incentives from the city, City Planner Alejandro Herrera said.
Those incentives may include deferment of developer fees for those units over a period of time or a subsidy from the city’s redevelopment department to pay the fees, Herrera said.
To qualify for the four-bedroom townhouses set aside by the developers, buyers would have to earn no more than 80% of the county’s median income, which is $41,050 for a family of five, Herrera said.
The low-income units would cost about $110,000, while the rest would sell for close to $160,000, Herrera said.
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