Las Villas de Paseo Nuevo An Affordable Housing Opportunity for the South Oxnard Community Project Description 72 unit low-income rental project in the Cypress neighborhood. Unit Mix There will be 12 buildings with 6 units in each. The unit mix in each building will be: 4: 3 Bedrooms 2: 2 Bedrooms Site Information Lot Size (SF) Lot Size (Acres) Buildable SF 215,183 SF 4.93 acres 75,184 SF Proposed Density 14.6 Units/Acre Ownership Structure During Development 49% 26% 25% After Completion Oxnard Housing Authority Las Cortes/Non-Profit McCarthy Companies 25% 50% 25% Pre-Development Costs Reimbursements 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 Traffic 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