DEVELOPER TO SEEK SCALED-DOWN CITY FUNDING.

Byline: Douglas Clark Daily News Staff Writer

A development firm will return to the city's Affordable Housing Subcommittee today with a revised plan for a $4 million project that asks for less money from the city.

When Rodney Fernandez, executive director of the Cabrillo Economic Development Corp. of Saticoy, initially discussed his plan with city officials in July, officials thought the request for $375,000 from the city was too much.

The new plan cuts that request to $324,000 and will come before the subcommittee at 3 p.m. today at City Hall, 2929 Tapo Canyon Road.

The funds requested by CEDC would be used to provide loans of $20,250 to first-time home buyers of the 16 affordable residences included in the 24-unit project.

Jim Purtee, a senior planner for the Department of Environmental Services, said Fernandez had done a good job of trimming his plan.

``Obviously, they've worked to tighten things up. They've identified the costs a little better, and that's what the subcommittee wants,'' said Purtee.

Though Fernandez could not be reached for comment, Purtee said the request for subsidies was lowered because the revised plan also dropped the cost of the 16 homes: the 11 three-bedroom homes would cost $105,900, down from $115,000; the five four-bedroom homes would cost $119,900, down from $129,500.

The remaining eight units are three- and four-bedroom homes that would be sold at market rate, $175,000 and $185,000 respectively. All the dwellings would be built at 2018 Cochran St.

The Affordable Housing Subcommittee also will consider a request by Kaufman and Broad, a Los Angeles-based developer, to buy out a provision in the Wood Ranch affordable housing agreement.

The developer would pay the city $3,000 for each of the 102 rent-restricted units that were included in a 1984 agreement. The total payment of $306,000 would allow the developers to build an 81-unit single-family subdivision with a density that is lower than the site's high-density designation.

Kaufman and Broad also would like to build an assisted-care facility for seniors on a site adjacent to the Wood Ranch area. Though the developers met with the Affordable Housing Subcommittee in July to discuss that project, it is separate from the request that will be considered today, Purtee said.