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A residential development project is proposed on three properties located at 5601, 5655, and 5701 Lindero Canyon Road (across from Valley Oaks Memorial Park and Costco). These properties are currently occupied by office buildings. The proposed project consists of 693 rental units and a small retail kiosk. The proposed units include a combination of studio, 1-bedroom, 2-bedroom, and 3-bedroom apartments; and 3-bedroom “villas.” The proposed project would include 70 affordable units that would be restricted for rent to very low-income households.
According to the information package provided by the applicant, the proposed sizes for the residential units are as follows:
These sizes are applicable to all units including the units restricted for rent to lower income households and the bonus units granted under the State’s Density Bonus Law. Units restricted for rent to lower income households must be distributed throughout the project and not concentrated in one area or building. The amenities, design, materials, finish quality, and appearance of the affordable units must be comparable to the market rate units (see Westlake Village Municipal Code Section 9.42.070).
A very low-income household is a household with a gross income that is less than 50% of the median household income in the county, based on the number of persons living in the household and adjusted for housing costs. For 2023, very low-income for Los Angeles County is defined as (i) an individual with a gross income of $44,150 or less; or (ii) a four-person household with a gross income of $63,050 or less. The rental rates for units that are restricted for rent to very low-income households are lower than the rental rates for comparable unrestricted units. The rental rate is determined by a mathematical formula specified in State law (see Health and Safety Code Section 50052.5 regarding owner-occupied housing and Section 50053 regarding rental housing).
The applicant’s business model is to build for-rent housing rather than for-sale housing. The City of Westlake Village cannot require the applicant to build owner-occupied housing.