Construction is expected to begin this summer on Many Mansions’ second affordable housing project in downtown Oxnard.
After yearslong delays, the Thousand Oaks nonprofit has secured all funding for Aspire Apartments. The project at 537 Meta St. will include 88 one- and two-bedroom units for extremely low-, very low-, and low-income individuals and families.
“I think it really will help revitalize that area,” Many Mansions President and CEO Rick Schroeder said. “We’re very excited about this project finally starting.”
The site is adjacent to the nonprofit’s first project Central Terrace Apartments, which opened in December 2024 with 87 units.
Aspire Apartments was initially expected to cost $52 million — including purchasing the land, hiring an architect, funding operating reserves and constructing the building — and construction was expected to begin as early as March 2024.
Many Mansions secured the finances through construction and permanent loans as well as state and county funds. The nonprofit received a $1.1 million loan from the Housing Trust Fund Ventura County in December 2022 to purchase the land and a $31.6 million grant from the California Department of Housing and Community Development’s Affordable Housing and Sustainable Communities Program.
When Many Mansions was about to apply for tax credits as the final funding step, however, they encountered a challenge.
“We redid all our cost estimates, including construction cost estimates, and realized there was somewhat of a funding gap,” Schroeder said.
The total project cost is now estimated at $63 million, primarily due to increased construction loan interest rates.
Many Mansions was able to secure the funding with the help of the city of Oxnard.
On May 5, the Oxnard City Council approved a $2.9 million loan for Aspire Apartments, and on May 19, the Council voted to allow Many Mansions to defer the payment of $2.2 million in development fees until after either the final inspection date or certificate of occupancy.
“By providing gap financing to projects such as Aspire Apartments, the city can help ensure these developments remain financially viable, preventing them from being scaled back, delayed or canceled,” the city’s housing director, Brenda Lopez, wrote in an email.
She said she believes the project will decrease housing insecurity while increasing economic mobility, allowing residents to spend more of their money on food, healthcare, education and transportation.
“Creation of affordable housing is important because it provides stable, safe and attainable housing options for individuals and families whose incomes may not keep pace with housing costs,” Lopez wrote.
Schroeder said he is hoping construction will start in August, and the project will likely take 18 months to complete.
The art deco style building, which includes one unit for the manager, will be five stories and feature a community room, courtyard, common patio and small park.
“I think it’s going to be really good affordable housing,” Schroeder said. “The design is wonderful, the units will look really nice and there will be great views.”
Schroeder said 29 units will be designated for extremely low-income residents, who earn 30% or less of the area median income, 48 units will be designated for very low-income residents who earn 30% to 50% of the area median income, and 10 units will be designated for low-income residents who earn 50% to 60% of the area median income.
The area median income in Ventura County is $135,600 for a family of four.
Individuals who are homeless could fall under any of the three categories, Schroeder said, though 10 of the units will be reserved for homeless veterans.
Many Mansions will provide wrap-around services for residents, including a food pantry, social events and financial management and addiction recovery workshops, Schroder said. Veterans will have access to an on-site case manager.
Children will have the opportunity to participate in after-school tutoring and summer camps.
Schroeder said rent will cover all operating costs.
Makena Huey is an investigative and watchdog reporter for the Ventura County Star. Reach her at makena.huey@vcstar.com. This story was made possible by a grant from the Ventura County Community Foundation’s Fund to Support Local Journalism.
This article originally appeared on Ventura County Star: Construction to begin on Oxnard 88-unit affordable housing project
Reporting by Makena Huey, Ventura County Star / Ventura County Star
USA TODAY Network via Reuters Connect
By Makena Huey, Ventura County Star | USA TODAY Network
