Thousand Oaks : City Aids Plan for Low-Cost Housing

Thousand Oaks city officials are helping a nonprofit organization that builds affordable housing acquire a 101-unit apartment complex on Wilbur Road.

Councilman Frank Schillo, a member of the city’s affordable housing issues committee, said the organization, called Many Mansions, has been negotiating to purchase the complex to convert it into apartments for low-income people.

The city is helping the group negotiate with the owner of the complex and may also provide some financial assistance to help Many Mansions secure the financing needed to purchase the property, said Olav Hassel, housing services manager for the city.

Hassel declined to disclose details about the amount proposed for the acquisition or the amount the city may contribute. However, he said the 13-year-old complex would be renovated and about half of the apartments rented out to low-income people. The City Council is scheduled to review the deal in May, he said.

Officials at Many Mansions were not available for comment.

Thousand Oaks assisted Many Mansions in the construction of Schillo Gardens, a 29-unit apartment complex in the central part of the city. Frank Schillo is not connected with the 29-unit development.

The city has about 1,550 apartments available for low-income residents in the city, Hassel said.

About $1.1 million in city redevelopment funds is earmarked for affordable housing construction, Finance Director Robert Biery said.