The Housing Division serves a vital role for Many Mansions.
The division leads the organization in the areas of land and building acquisition and rehabilitation in order for Many Mansions to provide well-managed, affordable housing rental units for families in need in Ventura County and the surrounding area. Many beneficial opportunities exist for developers and investors to partner with Many Mansions so that our portfolio of outstanding affordable housing continues to grow in the years ahead.
Joint Partnerships: Develop mixed income projects with market rate units and some affordable units. Developers who set aside a minimum number of units (5% very low-income or 10% low-income) will receive a 20% density bonus for their project and one incentive or concession (e.g., reduction in setback, square footage requirements, or in the ratio of vehicular parking spaces). Also, there is a sliding scale in which the density bonus can be increased to 35% and three incentives or concessions allowed.
Donate Land: Provide Many Mansions with land to develop affordable housing projects (especially in Thousand Oaks, Simi Valley, and Camarillo). Developers who donate land either within the boundaries of the proposed development or within ¼ mile and who meet certain other conditions are entitled to a 15% density bonus for the entire development. There is also a sliding scale for the land donation up to 35%.*
Housing Endowment Fund: Participate in the creation of a Housing Endowment Fund, providing funds for the acquisition of land and apartment buildings; this reduces the need for alternative acquisition financing, which is often expensive and difficult to obtain.
Acquisition Financing: Provide acquisition financing or “project seed money” at low and/or deferred interest rates.
City Support: The Southern California Association of Governments (SCAG) provides cities with goals for the creation of housing for all income levels. Cities are strongly encouraged to meet these goals through incentives. Thus, projects that provide housing for a variety of income levels (including low-income housing) are typically supported both developmentally and even financially.
For more information about housing development, contact Alex Russell at 805-496-4948 x220 or via email at email@example.com.
*There are also considerable tax advantages for donors who donate land to Many Mansions. Individuals interested in this should consult their personal financial advisors for the benefits.
Real Estate License
- Many Mansions (BRE # 02003927)
- Rick A Schroeder (BRE #01999799), Broker-Officer REALTOR ®
- National Association of Realtors®
- California Association of Realtors®
- Conejo-Moorpark-Simi Association of Realtors®
- Alexander Russell (BRE # 01856629)