OXNARD : Low-Income Home Buyers May Get Help
Oxnard housing officials are finalizing agreements with Ventura-based developer Standard Pacific to enable low-income residents to purchase townhouses in a new La Colonia housing project.
The Oxnard City Council on Tuesday agreed to funnel about $450,000 in federal housing money toward a first-time home buyer program for a 110-unit townhouse project north of Colonia Road and west of Rose Avenue.
In an unprecedented move, the city hopes to put the money toward the purchase of 11 townhouses, lowering the sales price of those units from $149,950 to $109,950.
The townhouses will be set aside for residents of Oxnard’s blue-collar La Colonia and Rose Park neighborhoods who earn no more than 80% of the county median income, which is about $45,000 for a family of four.
If not enough residents qualify from those two neighborhoods, the program will be opened to low-income residents from throughout the city.
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