TENANTS EDGY OVER FUTURE; MARKET MAY PRICE T.O. APARTMENT DWELLERS OUT OF AREA.

Byline: Sonia Giordani Daily News Staff Writer

For years, residents at the Los Arboles apartments had heard rumors that their complex would be sold - converting the city's oldest affordable rental housing into market-rate units they could not afford.

Now that the booming real estate market and eager buyers have made the rumors a reality, tenants say they hardly know what to expect if new owners raise the rent.

``It would be a real serious problem for most of the people who live here. Whenever the rent goes up even just a little, it can be a problem for residents,'' said a 15-year tenant who asked that her name not be used.

``We live in such a rich city. You wouldn't think about it here,'' she said, tending to a tidy apartment studded by neatly potted plants.

Built more than 25 years ago with the help of federal funds, the Los Arboles apartments count among only a dozen affordable housing complexes in the city. If forced to relocate, the 43 families who have found their homes there over the years face four-year waiting lists in other affordable units in the city and might have to move out of Thousand Oaks.

After months of negotiations with the owners, the Area Housing Authority has turned to the city with a request for $1 million to help acquire the complex and maintain it as affordable housing.

``It appears that we may have one last shot at preserving this project as affordable. Time is of the essence. In order to be considered as a viable alternative to (the owner's) existing offer the price will be $2,800,000,'' Douglas Tapking, AHA executive director, wrote in a letter to the city manager.

The City Council on Tuesday will consider lending or granting the AHA a quarter-million dollars as a deposit for the sale and to help cover the cost of the purchase and maintenance.

Olav Hassel, the city's housing services manager, said the only possible solution now is for the city to step in.

``Potentially every one of the households in that complex would have to leave. And their prospects for finding safe and sanitary housing that is affordable is highly limited,'' Hassel said Thursday.

Michael Fernandez has been living in the complex with his father for the past 17 years. Their apartment is in one of the brown stucco buildings, bordered by cement pathways and tall shade trees.

The 23-year-old college student said he can help his father out with the bills during the summer but is usually tied up with academics during the school year.

``The cost of living is really high out here. Food and everything else is fine, but the housing and rent can be tough,'' he said.

For one 73-year-old resident, who asked that her name be withheld, any increase in rent would be too formidable to allow her to remain here. With a $145-per-month medical insurance payment and other bills to meet with her limited income, every penny counts.

``I would have to move. If I could find another apartment, that would be great - but then I found out there's a four-year waiting list for some places,'' she said.