Three loans to be funded, Fillmore Terrace in Fillmore, Mesa Ojai in Ojai, Westview II in San Buenaventura
Courtesy images.
VENTURA COUNTY — Housing Trust Fund Ventura County (Housing Trust Fund VC) announces two, $1 million lines of credit (LOC), one each from Community West Bank and Mission Bank. The funds will be used as part of Housing Trust Fund VC’s Everyone Deserves a Home revolving loan fund, a community impact note that provides flexible, below- market interest rate loans for the development of affordable housing in Ventura County. Three upcoming developments that will receive funding are a new pre-development loan for Fillmore Terrace being developed by Peoples’ Self-Help Housing Corporation (PSHHC), a GAP loan for Mesa Ojai being purchased by Mesa, and a construction loan to the Housing Authority of the City of San Buenaventura (HACSB) for Westview II.
The LOCs provided by Community West Bank and Mission Bank join a pool of funds from other public and private investors, sponsors, and donors to provide lending capital in support of Housing Trust Fund VC’s Community Promise of building safe and equitable homes in Ventura County. Brian Schwabecher, Chief Banking Officer of Community West Bank stated, “Community West Bank is proud to support Housing Trust Fund Ventura County with financing for their housing initiatives, and we’re also honored to help sponsor the Everyone Deserves a Home Compassion Campaign event on May 12.” The nonprofit’s annual fundraiser takes on a unique twist this year as a guest immersive experience shining light on housing equity as told through the lives of connected individuals. Please visit: www.housingtrustfundvc.org/compassioncampaign2022 to learn more.
The Fillmore Terrace development, sponsored by PSHHC will provide 22 one-bedroom homes, 14 two-bedroom homes and 14 three-bedroom homes, totaling 50 affordable homes prioritizing working class individuals and families earning between 30% and 60% of Ventura County’s Area Median Income (AMI). The property will be inclusive of community rooms, a children’s space, computer lab, outdoor event space and more.
Mesa, in partnership with Ventura County and PSHHC, is funded in part by a Housing Trust Fund VC $2.5M GAP loan. The development will provide housing and a wellness center for 13 Transition Age Youth (TAY). The plans include light renovation of a four-bedroom house, and the addition of 10 single occupancy tiny homes, in addition to space for a community building, health and wellness, employment, and education programs. The allocated funds for this loan, as well as the construction loan for Westview II (which will provide 50 homes to low-income and homeless seniors), were pulled from a pool of investments from Bank of the Sierra, Mission Bank and Community West Bank, and were provided to the developers at below market interest rates and reduced fees to help the developments move to the next phase of development.
“We are excited to build on our Community Promise of funding affordable homes with the support of both Community West Bank’s and Mission Bank’s generous lines of credit, which allow us to continue funding impactful developments,” states Housing Trust Fund VC CEO Linda Braunschweiger, “The Fillmore Terrace, Mesa and Westview II developments are such noteworthy examples of providing safe and equitable homes for those who need it most, because everyone deserves a home.”
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 April 1, 2022, Housing Trust Fund VC has invested over $22.3 million through its revolving loan fund, creating 870 affordable apartments and homes for very-low, low- and middle-income employees, transitional age foster youth, veterans, farm workers, and the homeless.