OXNARD : City OKs La Colonia Townhouse Project
The Oxnard City Council on Tuesday unanimously approved a 110-unit townhouse project in La Colonia on the condition that the developers set aside 10% of the townhouses for low-income residents.
Under the agreement, developer Standard Pacific would receive financial incentives from the city in exchange for setting aside the low-income units.
Those incentives may include deferring the payment of developer fees for those units, or using a subsidy from the city’s redevelopment agency to pay fees, planner Alejandro Herrera said.
To qualify for the four-bedroom townhouses set aside by the developers, buyers must 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 rest of the townhouses would sell for close to $160,000, Herrera said.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
