VENTURA : ‘Affordable’ Home Developments OKd

The Ventura City Council has approved development agreements with three companies to allow construction of 400 “affordable” houses in the city by as early as 1993.

The council’s votes on Monday ended four years of negotiations with the developers, who plan to build the houses in the east end of the city bordering Saticoy.

The houses are expected to sell for far less than the median price of a house in Ventura County, which is $232,000.

City housing Project Manager Loretta McCarty said the developers could offer two-bedroom houses at prices ranging from $152,274 at an 8% interest rate to $100,343 at 13% interest.

Three-bedroom houses could cost from $171,263 at 8% to $113,602 at 13%. And four-bedroom houses could cost from $203,517 at 8% to $134,997 at 13%, McCarty said.

The prices may be higher, depending on the interest rates and housing market at the time that the buildings are completed, she said.

The homes will be sold only to families or single people who can secure a loan, make a down payment of at least 10% and earn no more than 110% of the median income for Ventura County.

According to the U.S. Department of Housing and Urban Development, the median income in Ventura County ranges from $33,900 for a single person to $48,400 for a family of four.

Affordable Communities Inc. plans to build 153 houses just east of Cabrillo Village and north of the Santa Clara River. KNM Development Co. plans to build 147 houses between Telegraph Road and Reata Avenue.

And Wittenberg-Livingston Inc. plans to build 100 houses east of Saticoy Avenue, south of the Southern Pacific Railroad tracks and north of the Santa Clara River.