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City Looks at Housing for Seniors

Moorpark council to vote on a $16-million bond issue to finance affordable apartments.

November 20, 2002|Gregory W. Griggs | Times Staff Writer

Moving to provide low-cost housing for Moorpark's elderly, the City Council tonight is expected to approve a $16-million bond issue to help finance a 190-unit apartment complex.

Vintage Crest Senior Apartments, a two-story complex with a community room, pool and spa, would be built on about 9 1/2 acres on Park Lane, south of Los Angeles Avenue. The complex would accept only tenants who are 55 and older with annual incomes of $31,380 or less.

"This project represents a very important ingredient in the formula we've set out to provide affordable housing in the community," said Hugh Riley, assistant city manager.

The $22.5-million project would be developed by USA Properties Fund of Roseville, which also plans to build 176 senior apartments across from Simi Valley's City Hall.

Vintage Crest is located in an area "that has great transportation access, neighborhood shopping nearby, and it's a tranquil site, with the Arroyo Simi running behind it," said Steve Gall, USA Properties executive vice president.

Gall said below-market financing available from the bonds, plus federal tax credits, will make the project attractive to investors.

Rents for the 579-square-foot, one-bedroom units would range from $700 to $840; rents for two-bedroom units would range from $840 to $1,008.

If approved by the council, the bonds would be sold next month and construction would begin in late December or January, with the apartments expected to be available by early 2004.

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