A Newport Beach company that earlier this year purchased the Citrus Tree Apartments in Ventura will hold a meeting this week to discuss its plans to renovate the complex and offer affordable housing.
The meeting will be held at 7 p.m. Thursday at County Estates Mobile Home Park, 10685 Blackburn Road, Ventura.
KDF Holdings, which purchased the 81-unit Citrus Tree in April, had presented plans to convert the entire complex at 11155 Citrus Drive to affordable housing. However, the company is now proposing to base the percentage of the complex to be converted on the number of tenants who are able to qualify for affordable housing.
Currently, 77% of the tenants qualify and those who do not will be allowed to stay, said Mark Hyatt, spokesman for KDF Holdings.
"We do not plan to displace any of the current Citrus Tree tenants," Hyatt said.
"The conversion will not change the makeup of the tenancy but will improve the project's appearance and bring it up to the level of the surrounding homes," he added.
A qualified affordable tenant is an individual or family with an income that is 60% or less of the area's median income, in this case, slightly more than $26,000 for a one-person household to nearly $38,000 for a four-person household.
Each unit will be renovated inside and out. The renovation, estimated to cost $550,000, will take 18 months, Hyatt said.