City OKs Low-Income Housing Loan
A developer planning to build 70 houses for low-income Simi Valley families has been approved for a $700,000 loan from the city to help fund the project.
The Simi Valley City Council agreed to the loan to help Griffin Industries pay the cost of including the low-cost units in a 280-unit condominium complex.
The development would be built on 26.7 acres at Los Angeles Avenue and Madera Road.
Griffin plans to set aside 70 three-bedroom units to sell to low-income families for about $90,000 each.
“This looks like a good deal for the city and a good deal for the citizens,” Councilman Bill Davis said. “We’ll be watching closely to make sure it remains that way.”
Griffin had originally asked for a $1-million loan, but city officials balked, saying they did not want to commit so much money to one project.
Griffin is expected to apply soon for a permit to draft development plans, which would be reviewed by the Planning Commission and the council.
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