THOUSAND OAKS — A multiunit low-income housing facility is closer to becoming a reality thanks to the help of a federal tax credit program.
Many Mansions, dedicated to managing and developing low-income housing for the working poor in Thousand Oaks, will soon receive $1.7 million through the Low Income Housing Tax Credit program. Many Mansions houses more than 1,000 low-income residents in its six facilities throughout the city.
Many Mansions will use the money to rehabilitate the 60-room Village Inn Motel on Thousand Oaks Boulevard into 50 low-income studio apartments and a community room to act as a resource center for police, a classroom for adult education and a job and career center, said Lee Millman, director of new projects for the nonprofit organization.
Construction on the project will begin in September with the first units expected to be completed early next year.
The tax credit program allows organizations to apply for federal and state tax credit. Once awarded, the nonprofits partner with private investors who give the money and receive the tax credit for the next 10 years, Millman said. Many Mansions has not decided on a private investor at this time, he said.
Many Mansions bought the motel last summer with a $1.3-million grant from the city and $950,200 in state funding.