Habitat for Humanity to Build in Oceanside

San Diego Habitat for Humanity, Inc., will develop Libby Lake Village, consisting of 20 single-family, for-sale homes on a 2.67-acre parcel located at the corner of North River Road and Calle Montecito. Each unit will have 3 or 4 bedrooms, one full bath, and one three-quarter bath. The initial sales price will be affordable to families with incomes of less than 80 percent of the county median income (CMI). Using the current CMI figures, this amount is no more than $171,000 for the 3-bedroom units and $187,000 for the 4-bedroom units. Sales costs will be revised to fit current income figures at the time of sale. Resale prices for each unit will also be affordable to families with maximum income not to exceed 80 percent of the CMI at the time of resale. The total estimated cost of development for this project is $5,926,016, plus the value of the property. The City will provide $2,700,000 to the project in the form of forgivable loans of $135,000 per home. The City will also place a forgivable loan against the home for the value of the land provided for the homes as part of its contribution to the development. The remaining $3,226,016 will be provided from donations to San Diego Habitat, which is also going to provide monitoring and administration of the development for 55 years. Contact Steve Jackson at 435-3366 for additional information.