Affordable housing project in development
By Sylvie Belmond belmond@theacorn.com

City officials deliberated over the details of an affordable housing agreement for a large apartment complex to be developed by Essex Portfolio, Limited Partnership, at a recent special meeting.

The residential development, slated to be built south of Casey Road and west of city hall, was approved by the City Council this summer. During the recent discussions, officials wanted to ensure that at least 20 percent of the apartments in the 200unit complex are set aside for residents with low- or very-low income.

Plans may also include an additional 10 units reserved for moderate-income earners if the developer uses state bonds to finance the project.

The affordable housing agreement is designed to assist individuals and families who earn incomes below the county median that is established based on family size.

The median annual income for a family of four is $79,500. To be eligible for the very-low-income units, applicants can earn up to 50 percent of the county's median income. Low-income units are reserved for families earning up to 80 percent of the median. If moderate-income units become available, they will be rented out to people who earn less than 120 percent of the county median, said David Moe, redevelopment agency manager for Moorpark.

Affordable housing calculations include costs for rent, utilities, water, sewer, gas and any expenses associated with lodging.

The affordable units will be available on a priority basis for Moorpark residents.

The council is still working on the details of the affordable housing agreement with Essex, said Councilmember Roseann Mikos.

The developer has until Nov. 30 to sign the agreement, said Deputy City Manager Barry Hogan. "Essex wants to sign the development agreement and the affordable housing agreement at the same time," he said.

The council voted to give City Manager Steve Kueny the authority to pull the city's support for the bond financing if the affordable housing agreement isn't signed by Nov. 30, Hogan said.

According to the plan, construction will start early next year.