Las Villas de Paseo Nuevo An Affordable Housing Opportunity for the South Oxnard Community

Las Villas de Paseo Nuevo

An Affordable Housing Opportunity for the South Oxnard Community

Project Description72 unit low-income rental project in the Cypress neighborhood.

Unit MixThere will be 12 buildings with 6 units in each.

The unit mix in each building will be: 4: 3 Bedrooms2: 2 Bedrooms

Site Information Lot Size (SF) 215,183 SF Lot Size (Acres) 4.93 acres Buildable SF 75,184 SF Proposed Density 14.6 Units/Acre

Ownership Structure

During Development After Completion

Pre-Development CostsReimbursements of costs to date 150,000

Architect (Building and Landscape) 75,000

Engineers and reports (Civil, solar, M&P, Electrical,etc.) 30,000

Land Use Consultants 110,000

Surveyor 20,000

Legal and Accounting 20,000

Accounting 10,000

Soils Investigation 6,000

Appraisal 8,800

Title and Escrow 3,000

Phase 1 Report 3,000

City Fees 30,000

Traffi c Study 4,000

Environment Reports 5,000

Other Consultants (If necessary) 10,000

Relocation (Preliminary) 80,200

Contingency 35,000

600,000

Development Costs

Project Advantages from Development • Proactive positive relocation plan for existing residents • Improves an existing blighted community in South Oxnard • Fills an important community need for affordable housing • Creates local jobs • Green Communities Certification with photovoltaic solar package Project Advantages from Operation • Provides approximately 72 families with new homes • Offers economic incentives for City • Makes both Las Cortes and the Housing Authority more financially independent • Creates important inventory for the Oxnard Housing Authority • Provides positive cash flow • Multifamily Housing Crime Free Program • Provides accelerated repayment of Redevelopment Agency Loan

QUESTIONS