A plan is in the works to create more affordable housing for local families.

Many Mansions is looking to build its third project in Simi, and the nonprofit affordable housing developer has its sights set on the Peppertree Apartments.

The Thousand Oaks-based nonprofit is proposing to acquire and rehabilitate the apartments at 4214 Los Angeles Ave. for occupancy by very-low and low-income households.

“We’re looking to expand our type of affordable housing in Simi Valley to meet the community’s needs,” Many Mansions president Rick Schroeder said. “This particular property was somewhat underutilized. We felt it would be a good site to have family housing with services.”

Many Mansions has submitted an application to enter into an affordable housing agreement with the city and borrow $395,522.

The money will come from the city’s Community Development Agency, which is funded by property taxes.

The Affordable Housing Subcommittee, which is chaired by Mayor Pro Tem Glen Becerra and City Councilmember Steve Sojka, reviewed the proposal July 12 and made a recommendation for the City Council to approve the deal.

“Many Mansions really sets the standard as far as affordable housing goes,” Becerra said. “They really go above and beyond to make sure those projects are good for the neighborhood.”

In particular, he said, Many Mansions brings on-site management to all of its properties and offers specialized services for children and their parents.

“I think that is kind of a unique aspect which makes them a much higher-end lower-income project,” he said.

In exchange for the deferred-interest loan, the city would receive 10 very-low-income units and one low-income unit for Simi families. The low-income unit would be reserved for the project’s on-site manager.

The 12-unit complex is on a half-acre site off Los Angeles Avenue, between Bishop and Buyers lanes. Built in 1991, the complex has two one-bedroom units, eight two-bedroom units and two threebedroom units.

Many Mansions is planning to convert one of the one-bedroom apartments into a community room with a manager’s office. The nonprofit will also replace the windows and handrails, upgrade the landscaping, install new flooring and paint the interior and exterior of the building.

The property is owned and managed by the Ventura County Area Housing Authority, which purchased it in 2002 and now wants to sell it.

Schroeder said the complex would be one of the newer buildings Many Mansions has bought and that it’s in “pretty good shape,” so it won’t need much work. The renovation process is expected to take five months.

Many Mansions owns and operates two other affordable housing projects in the city—the 14-unit Casa de Paz Apartments and the eight-unit La Rahada Apartments, both on Ashland Avenue.

Those two projects are also reserved for extremely low- and verylow income households, but they also require that prospective residents be chronically homeless and diagnosed as mentally disabled.

Schroeder said both projects on Ashland are fully rented and running well.

“Once they’re full they stay full forever,” he said, adding, “I think we’ve helped improve that neighborhood quite a bit. Still, there’s a need for affordable housing in Simi Valley.”

While most of Many Mansion’s housing sites are in Thousand Oaks, many of those on the nonprofit’s waiting list are from Simi, Schroeder said, and they would like, if possible, to stay in the town where they grew up.

“We’re trying to serve the needs of the community of Simi Valley,” Schroeder said. “That’s why we work with the city to see what they like, what their needs are and what features their residents want.”

Like Casa de Paz and La Rahada, Peppertree will be 100 percent affordable and offer residents supportive services that include a tutoring program and summer camp for children and case management and life skills training for adults.

Many Mansions will offer relocation assistance to the eight existing tenants during the rehabilitation process, but Schroeder believes many of them will qualify to come back—and pay a significantly lower rent—if they desire.

Though Many Mansions is looking to the city for financial assistance to offset the acquisition cost—estimated at about $1.4 million— the bulk of the funding for the nearly $2.7-million project will come from federal money administered by the state.

The City Council is scheduled to hear the project Aug. 2.