Mayor Balks at City Subsidizing Project
A developer wants to build affordable houses on the east end of town, but the price tag could be too high for Simi Valley officials.
The Cabrillo Economic Development Corp. is asking the city for $495,000, but Mayor Bill Davis said the money could be better spent subsidizing condominiums or apartments instead of the more expensive three- and four-bedroom houses proposed on three acres east of Kuehner Drive and south of the 118 Freeway.
“Even if we had spare money just lying around, that is too much money,” Davis said.
Cabrillo Economic Development is proposing 26 single-family homes--11 of them to be classified as affordable to first-time home buyers.
The nonprofit developer hopes to sell the homes to first-time home buyers for $110,900 for three-bedroom models and $120,900 for four bedrooms.
The market value of the homes is estimated at $235,900 and $245,000.
Efforts to reach officials at Cabrillo, based in Saticoy, were unsuccessful.
Members of the city’s affordable housing subcommittee will discuss the proposal tonight.
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