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