Hillcrest Homes: 78 Affordable Townhomes Are Coming to Thousand Oaks
Buyer Guide • Thousand Oaks
Hillcrest Homes: 78 Affordable Townhomes Are Coming to Thousand Oaks
A rare chance to own a brand-new home in the Conejo Valley for far below market price.
Quick Answer: Hillcrest Homes is a planned community of 78 brand-new, for-sale townhomes at 384 N. Erbes Road in Thousand Oaks. Every single unit is deed-restricted affordable housing. At least 75% are reserved for low and very low income buyers, with the rest for moderate income households. The City of Thousand Oaks bought the land for $10 million in 2021 so buyers only pay for the home itself, not the land. That's how a new townhome here will sell for far below the city's roughly $1 million median price.
Here's something almost nobody in town is talking about. Thousand Oaks is building 78 brand-new townhomes that regular working families will actually be able to buy. Not rent. Buy. Own. Build equity in.
We've sold homes in this valley for years, and we can count on one hand the opportunities like this one. The median home in Thousand Oaks sells for just over $1 million right now. Homes go pending in about 10 days. More than a third sell over asking. For teachers, nurses, firefighters, and young families, the math simply hasn't worked. Hillcrest Homes changes that math.
What Is the Hillcrest Homes Project in Thousand Oaks?
Hillcrest Homes is a 78-unit, all for-sale townhome community planned for the corner of Erbes Road and Hillcrest Drive. The site is the former Hillcrest Christian School campus, which moved to Wilbur Road back in 2019.
The City of Thousand Oaks purchased the 3.87-acre property for $10 million in 2021. The city set it aside for one purpose: affordable homeownership. In 2022, the city chose People's Self-Help Housing, a respected nonprofit builder, to develop it. The City Council gave final approval in March 2024 on a 4-0 vote.
The plan calls for three-story townhomes with one to four bedrooms. Every home gets an attached garage, with 148 garage spaces plus guest parking on site. A homeowners association run by the owners themselves will manage the community.
This isn't a project where a few affordable units get tucked into a luxury complex. All 78 homes are affordable. That makes Hillcrest the first development of its kind in Thousand Oaks history.
How Can a New Townhome Cost So Much Less Than Market Price?
One simple trick: the land is removed from the price. In Thousand Oaks, land is often the most expensive part of any home. The city already owns the Hillcrest site. The property will be placed into a community land trust, which holds the land permanently.
Buyers purchase only the home that sits on the land. That single move cuts the price dramatically. As former Mayor Al Adam put it when the council approved the project, eliminating the land cost is what makes for-sale affordable housing possible here at all.
There's a trade-off, and we'll be straight with you about it. These homes carry deed restrictions, including a maximum resale price. You won't ride the full Thousand Oaks appreciation wave. In exchange, you get into a brand-new home in one of the safest cities in America at a price that would otherwise be impossible. For many families, that trade is a no-brainer.
Who Qualifies to Buy a Hillcrest Homes Townhome?
Qualification is based on household income. At least 75% of the 78 homes are restricted to low and very low income households. The remaining homes are reserved for moderate income households.
What does that mean in real dollars? At the time of approval, a lower-income household of four in Ventura County earned below about $106,250 per year. A moderate-income household of four earned below about $148,200. Those limits adjust each year and vary by household size, so the final numbers will be confirmed when applications open.
Here's a detail that surprises people. You do not have to currently live in Thousand Oaks to apply. City officials have confirmed there's no residency requirement. If you've been priced out of the Conejo Valley and moved away, or you've always wanted in, this is your door.
The Ventura County Community Development Corporation will provide homeownership counseling for buyers. That's a built-in support system most first-time buyers never get.
When Will Hillcrest Homes Be Ready and How Will Buyers Be Chosen?
The honest answer: soon, but not tomorrow. The city's stated goal has been to have the townhomes available within roughly five years of the 2024 approval. The project is actively moving in 2026. The developer has secured more than $12 million in funding, and this spring the City Council granted a fee waiver worth roughly $1.6 million to help close the remaining funding gap and keep construction on track.
Demand will far exceed 78 homes. Preparation is everything.
Because demand will crush supply, the developer expects to use a lottery system to select buyers. Seventy-eight homes. Thousands of interested families. The buyers who win won't just be lucky. They'll be the ones who were financially ready, properly documented, and watching for the application window.
That's exactly where we come in. We're tracking this project closely and will know when applications open.
Can You Actually Build Equity in an Affordable Townhome?
Yes, and this is the part we love most. These are not rentals dressed up as ownership. Hillcrest buyers will hold title, pay a mortgage, and build real equity over time, even with the resale cap in place.
Owners can also pass the home to their children, as long as the kids qualify under the income guidelines. As Councilmember David Newman said at approval, everyone deserves the same chance to earn equity that earlier generations of Thousand Oaks families got. Compare that to writing a rent check every month for a decade. There's no comparison.
How Should Buyers Prepare Right Now?
If Hillcrest Homes sounds like your shot, don't wait for the announcement to start preparing. Do these five things now.
1. Know your household income number. Gather two years of tax returns and recent pay stubs. Income qualification is the gate, and documentation wins lotteries.
2. Clean up your credit. You'll still need a mortgage. Pay down cards, fix errors, and avoid new debt this year.
3. Start saving for a down payment and closing costs. Affordable price doesn't mean zero cash. Even a modest fund puts you ahead of most applicants.
4. Get familiar with first-time buyer programs. CalHFA and Ventura County programs can stack with a purchase like this. We covered several in our first-time buyer guide.
5. Get on our Hillcrest interest list. We're watching this project so you don't have to. The moment timelines, prices, or application details drop, our list hears it first.
By the Numbers
- Total for-sale townhomes planned: 78
- Location: 384 N. Erbes Road at Hillcrest Drive, Thousand Oaks
- Land purchased by the city in 2021 for: $10 million
- Site size: 3.87 acres
- Homes reserved for low and very low income buyers: at least 75%
- Lower-income limit at approval, family of four: about $106,250
- Moderate-income limit at approval, family of four: about $148,200
- Current Thousand Oaks median sale price: roughly $1 million plus
The Bottom Line
Hillcrest Homes is the rarest thing in Conejo Valley real estate: a true entry point. Seventy-eight brand-new townhomes, all affordable, all for sale, in a city where the median home costs over a million dollars. The families who get these homes will be the ones who prepared early. If that's you, let's talk now, not when the lottery line is already around the block.
Frequently Asked Questions
Do I have to live in Thousand Oaks to apply for Hillcrest Homes?
No. City officials have confirmed there is no residency requirement. Anyone who meets the income guidelines can apply.
How much will the Hillcrest townhomes cost?
Final prices haven't been announced. Because buyers pay only for the home and not the land, prices will be far below the Thousand Oaks market. We'll share pricing the moment it's released.
Can I sell my Hillcrest townhome later?
Yes, but the homes carry a maximum resale price to keep them affordable for the next family. You still build equity while you own, and you can pass the home to children who income-qualify.
When can I apply?
The application process hasn't opened yet, and selection is expected to run through a lottery. Join our interest list and we'll notify you the day details are announced.
Are there other affordable ways to buy in the Conejo Valley right now?
Yes. First-time buyer programs, down payment assistance, and well-priced condos and townhomes hit the market every month. A quick 15-minute phone call with us can map out your realistic options today.
Chrystal & David Schoenbrun are Broker/Realtor® partners with Pacific Home Group at Y Realty serving Thousand Oaks, Westlake Village, Newbury Park, and Agoura Hills. Our team has helped dozens of families buy, sell, and settle into the Conejo Valley.
📞 (805) 404-6510 | ✉ PacificHomeGroup@gmail.com | DRE #01409474 & #01761327
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Chrystal And David Schoenbrun
Realtor/Broker Associate | License ID: 01409474 & 01761327