Low-Income Housing Plan Moves Ahead

Construction of an affordable-housing project in the Old Town section of the city will move ahead now that the group sponsoring the effort has been granted nearly $1 million in federal tax credits.

Officials with Many Mansions, a Thousand Oaks-based nonprofit organization, announced that it has received federal low-income tax credits totaling $985,130. Dan Hardy, executive director of Many Mansions, said that because of the group’s nonprofit status, the credits had to be sold to a profit-making corporation.

Many Mansions sold its credits to a regional power company. After subtracting legal fees and other costs, Many Mansions was left with more than $500,000.

“It’s equivalent to a $650,000 grant,” Hardy said.

That money will augment the $1.1 million already raised by Many Mansions and other local charities to build an 11-unit apartment complex on Hampshire Road, north of the Ventura Freeway, on land owned by the organization.

Construction of the Community House Apartments is scheduled to begin in November.

The complex, which will provide temporary housing to homeless families or families at risk of losing their homes, is expected to be completed by the spring of 1997.