SIMI VALLEY : City May Help Pay for Housing Project
The Simi Valley City Council on Monday will consider giving a developer $230,000 to help pay for construction and operation of a low-income senior housing complex.
The developer is also asking the city to modify plans for the complex, changing it to cater exclusively to low-income senior citizens.
Yosemite Gardens is a 108-unit apartment complex planned for construction at Yosemite and Los Angeles avenues. Developers originally planned to reserve half the units for low-income seniors and rent the rest of the units at market rate.
But at the request of developer USA Properties Fund, the council will consider reserving the entire complex for low-income seniors. USA Properties said it would would need the additional funding from the city to help cover the cost of housing poor seniors.
Under the plan, rents for one-bedroom units would range from $365 to $535 a month and two-bedroom units would rent for $630 a month.
If the city agrees to help pay for the project, the funding would come from the city’s Community Development Agency Affordable/Senior Housing Incentives account.
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