This development received the prestigious National Association of Housing and Redevelopment Officials’ Award of Merit. Units are restricted to low and very low income households, 80% and 50% of the area median income respectively.
Formerly a HUD Section 236 project-based facility, the City of Thousand Oaks provided $1 million in loans for the down payment and property renovations. This loan becomes a grant in 2028 as long as the agency maintains the property’s specified affordability agreement. In addition, a HUD 223f loan was secured from Bank of America in the amount of $2,507,500.
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