VENTURA COUNTY — Housing Trust Fund Ventura County (Housing Trust Fund VC) announces $12,000,000 in loan commitments approved by its Board of Directors. Seven million of the $12 million will be matched by Prop 1 funding. The Valentine Road Apartments in Ventura, a Homekey development by the Housing Authority of the City of San Buenaventura, will receive a $5,000,000 construction loan. Two developments by Red Tail Multifamily Land Development, Citrus Flats in Santa Paula and Arrive Ventura in Ventura, will each receive a $1,000,000 pre-development loan. Many Mansions’ Aspire Apartments in Oxnard will receive a $5,000,000 construction loan. Together the developments will bring 492 new affordable homes to Ventura County.
The Valentine Road Apartments development is part of the Homekey program by the Housing Authority of the City of San Buenaventura and will convert the 142-room La Quinta Inn into 134 studio apartments as well as a common area, community garden, dog run, sports court, on-site offices for supportive services and a lobby with the capacity to host community events. The development will provide permanent housing options for the rising number of households experiencing homelessness or at risk of homelessness, with 40 units dedicated to homeless individuals with disabilities. The development is scheduled to be complete and obtain full occupancy by May 2025.
The for-profit Red Tail Multifamily Land Development’s Citrus Flats in Santa Paula will consist of 166 affordable apartments for large families at 30%-70% AMI, with an average below 60% AMI, consisting of 60 one-bedroom, 32 two-bedroom, 56 three- bedroom, and 18 four-bedroom apartments. Construction will begin in November 2024, with the development scheduled for completion and 95% occupancy by January 2028. Red Tail’s Arrive Ventura development in Ventura will consist of 104 affordable apartments focused on large families with 30%-70% AMI, with an average below 60% AMI, consisting of 26 one-bedroom, 35 two-bedroom, 32 three-bedroom, and 11 four-bedroom apartments. Construction will begin in May 2027, and the development is scheduled for completion and 95% occupancy by January 2030.
Many Mansions’ Aspire Apartments in Oxnard will consist of 88 affordable residences targeting low, very low, and extremely low-income households, with 56 one-bedroom and 32 two-bedroom apartments. Construction is set to begin June 2025, and the development is scheduled to be completed with 100% occupancy in April 2027. Housing Trust Fund Ventura County previously approved and funded a $250,000 pre-development loan in January 2020 and approved a $1.1 million acquisition loan for the Many Mansions’ Aspire Apartments, bringing the total funding from Housing Trust Fund VC to $6,350,000 in support of this development.
“Ventura County is now the least affordable housing market in the United States,” said Linda Braunschweiger, CEO of Housing Trust Fund Ventura County. “To see for-profit developers working alongside nonprofits to resolve the housing affordability crisis is a step in the right direction for Ventura County and beyond.” To learn more about innovations in affordable housing in Ventura County, join Housing Trust Fund Ventura County for their 5th Annual Compassion Campaign, “Unlocking Affordable Living – Reshaping Housing Solutions.” The event will be held at Walnut Grove at Tierra Rejada Farms in Moorpark on Thursday, May 9th, 5:00 p.m. to 8:00 p.m. For tickets and sponsorship opportunities visit, https://www.housingtrustfundvc.org/.
Housing Trust Fund Ventura County – Launched as a 501c3 nonprofit corporation in 2011, Housing Trust Fund VC is the local trusted leader in helping to increase affordable housing options throughout Ventura County by leveraging public-private partnerships to provide low-cost, flexible loans early in the housing development cycle. As of May 2024, Housing Trust Fund VC has committed to investing $40 million through its Revolving Loan Fund, creating 1,669 affordable apartments and homes for very-low, low- and middle-income employees, transitional age foster youth, veterans, farm workers, and the homeless.