Simi Valley Condo Project Funds Issued
A nonprofit developer has received a $360,000 federal grant to help lower the price of condominiums in a proposed Simi Valley housing complex for low- and moderate-income families, city officials said.
The Federal Home Loan Bank awarded the grant to Cabrillo Economic Development Corp., based in Saticoy, said Dulce Conde-Sierra, Simi Valley’s deputy director for housing and special projects.
Cabrillo, founded 10 years ago, has promoted the construction of affordable housing throughout Ventura County.
The new grant will lower the cost of 22 two-story condominiums Cabrillo wants to build on a 1.6-acre parcel on the south side of Apricot Road just east of Tapo Street. The townhouses will be sold only to families that meet certain income guidelines.
The city’s redevelopment agency has tentatively agreed to help purchase the land, and the City Council recently provided a loan and a grant, totaling $50,000, to help cover Cabrillo’s costs in designing the project and obtaining permits to build it.
Before construction begins, the City Council must approve the final design plans, Simi Valley officials said.
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