Developer Seeks Loan to Build Low-Income Simi Units for Seniors : Housing: City officials on Monday will consider whether to extend $230,000 for the long-awaited apartment complex.

A long-awaited 108-unit apartment complex for low-income senior citizens could be under construction this summer if the Simi Valley City Council agrees to a developer’s request for a $230,000 loan.

USA Properties Fund is also asking the city to modify plans for Las Serenas, formerly called Yosemite Gardens, altering the project to cater exclusively to low-income seniors.

Five years ago, when the council originally approved the plan to build the complex on a vacant lot at Yosemite and Los Angeles avenues, developers intended to reserve half of the units for low-income seniors and rent the rest at market rate.

But the project stalled when financing deals repeatedly fell through for the original developer, who finally sold the site last year to USA Properties.

Councilman Bill Davis, who serves on the city’s Affordable Housing Subcommittee, said he is relieved to see the project on its way to construction.

“We’ve been waiting a long time for this,” Davis said. “And the need in the city just keeps growing.”

If the council approves the request at Monday’s 6:30 p.m. meeting at City Hall, Las Serenas would be the second-largest low-income housing development in the city. The largest is Ashley Manor, a 112-unit development on Cochran Street.

About 3,000 Simi Valley senior citizens--nearly half the city’s residents over the age of 62--are eligible for low-income housing because their annual income is less than $25,000, said Dulce Conde-Sierra, deputy director for housing.

But the city has just 327 affordable housing units for seniors, Conde-Sierra said.

“Many seniors are on a fixed income, and they find it difficult to pay market rent,” Conde-Sierra said. “The need is always there for more housing.”

If the council approves the development agreement, USA Properties plans to break ground in July and complete the project within 10 months, Vice President Steven Gall said.

“We’re as anxious as anybody to get this up and running,” Gall said. “We think it’s going to be a fabulous project.”

Plans for the project call for a series of two-story stucco buildings surrounding a courtyard, swimming pool and recreation room. Units would be equipped with central heating and air conditioning.

The complex would be located on one of the city’s four bus lines and within walking distance of a supermarket.

Rents on the one- and two-bedroom apartments would range from $365 to $630, Gall said.

Gall said his company is asking the city for a no-interest, $230,000 loan to help subsidize 54 units set aside for very-low-income tenants.

“We wanted to keep all of the units in the affordable range,” Gall said. “It ended up to the point where we needed some additional help, in terms of being able to offer that to the seniors in the community.”

Davis, who said the USA Properties loan request was reasonable, compared it to a $700,000 low-interest loan the city recently made to Griffin Industries to help build 70 homes for low-income residents.

“When you look at what this is doing for the truly needy citizens of this city, I think you can say this is a very good deal,” Davis said. “I’m quite happy with it.”