Many Mansions, which helps place low-income families in homes in Thousand Oaks, received a $1-million grant from the state's housing agency on Wednesday.
The group plans to use the money to build an 11-unit complex of two-bedroom apartments for homeless families.
Families will pay little or no rent, depending on their financial status, and will only be allowed to stay in the apartments for six months while they get back on their feet.
According to Many Mansions, about 30 new homeless families from the Conejo Valley come to their offices each month seeking housing.
Many Mansions was one of 38 groups awarded a grant from among the 80 communities and organizations in the state that applied. The $1-million award was one of the largest approved by the Department of Housing and Community Development.
The new housing off Hampshire Road will be near the Schillo Gardens Apartments, a low-income complex owned and managed by Many Mansions.