Griffin Industries Gets Loan for Affordable Homes

Griffin Industries has received a $700,000 loan from Simi Valley’s federal earthquake aid funds to build affordable housing in Simi Valley.

Griffin was founded in 1993 by Paul E. Griffin III, a fifth-generation member of a home-building family.

The company said it will downsize the density now approved by the city’s General Plan for a 45-acre site from 640 units to 416 units. The project in western Simi Valley will consist of single-family homes priced from $120,000 to $160,000. Construction will start in September, with units due to go on the market by spring, 1996.

Richard E. Niec, a Griffin senior vice president, praised city officials for helping the firm launch the project. Griffin has also received $3.7 million in financing from Great Western Bank for the project.

Simi Valley officials contacted the Department of Housing and Urban Development several months ago seeking permission to use some of the city’s $5.5 million in earthquake assistance money to help Griffin purchase land for an affordable housing project. HUD approved the request in September.