OXNARD : City to Consider La Colonia Project
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The Oxnard City Council will consider Tuesday granting approval for a 110-unit townhouse project in La Colonia on condition that the developers set aside 10% of the townhouses for low-income residents.
Developer Standard Pacific of Ventura would have to set aside the low-income units but would be compensated with financial incentives from the city, planner Alejandro Herrera said. Developer fees for these units could be deferred, or a subsidy from the city’s redevelopment agency might pay the fees, Herrera said.
The City Council voted last week to grant the project preliminary approval.
To qualify for the 4-bedroom townhouses set aside by the developers, buyers would have to earn no more than 80% of the county median income, which is $41,050 for a family of five, Herrera said.
The set-aside units would cost nearly $110,000, while the remainder of the townhouses would sell for nearly $160,000, Herrera said.
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