Two affordable housing projects in Oxnard are moving forward after securing $2 million in predevelopment financing, a step that will help bring 291 income-restricted apartments to the city. The funding supports Lockwood Phase III and Cypress Place Phase II, both structured to remain affordable for at least 55 years.
Lockwood Phase III accounts for the majority of the new homes. The development is planned to include more than 230 apartments for households earning between 30 and 70 percent of the area median income. Proposed amenities include indoor community space, landscaped courtyards, a fitness room, laundry facilities on each floor, on-site parking, and bicycle storage. The project is intended to serve low- and very low-income families in a market where affordable options remain limited.
Lockwood-III-1
Cypress Place Phase II will contribute 59 additional apartments for households earning between 30 and 60 percent of the area median income. Of those homes, 43 are designated for farmworker households, reflecting the region’s agricultural workforce. The development will feature a mix of one-, two-, and three-bedroom units and include an on-site manager’s residence.
The financing arrives amid a documented shortage of affordable housing across Ventura County, where tens of thousands of lower-income renter households lack access to units priced within reach. By providing capital early in the development process, the lending support helps projects assemble the layered public and private funding typically required to move from planning to construction.
Together, Lockwood Phase III and Cypress Place Phase II represent a targeted expansion of Oxnard’s long-term affordable housing supply, adding nearly 300 apartments that will remain income-restricted for decades.
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