OXNARD : City OKs La Colonia Townhouse Project
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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.
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