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Many Mansions
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For Immediate
Release
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Affordable Housing
Provider Acquires Land in T.O.
Many Mansions Prepares to Build Tenth Property
Thousand
Oaks, CA - April 27, 2007 - The
City of Thousand Oaks
has agreed to advance $3.1 million to Many Mansions to purchase 1.8 acres
of land on Hillcrest Avenue.
The unanimous decision to fund the acquisition of the Hillcrest property
was made during Tuesday's City Council meeting; the vote was 4-0 in
favor.
"Once again, the
City Council has shown its strong commitment to affordable housing,"
states Rick Schroeder, Many
Mansions' Executive Director. "By acquiring this land we will now
be able to bring additional federal and state financial resources to this
development and be able to further address the needs of this
community."
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The acquisition will be
the tenth addition to the affordable housing provider's property
portfolio. With the close of escrow, plans will be underway to build
additional affordable housing units for low-income families and
individuals. The deal also jumpstarts Many Mansions' strategic plan to
expand further in Ventura County and create more opportunities for
low-income housing through new property developments and rehabilitation
and acquisition over the next 4 years.
Many Mansions is set to close
escrow on the 1.8 acre land parcel in late May 2007.
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About Many Mansions
Many
Mansions, a 501(c)(3) non-profit organization, is one of the leading
providers of affordable housing in Ventura County,
offering limited-income households well-managed housing and
life-enriching services. Many Mansions manages nine apartment communities
and provides housing for more than 1300 residents. Through the
development of the Adult Services and Children Services Programs, Many
Mansions has made a commitment to eradicate the cycle of chronic
homelessness.
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