$3.2 million to Westview Village II in Ventura and $800,000 to Homeless Solutions Center in Oxnard
Courtesy photo.
VENTURA — Housing Trust Fund Ventura County announces a $3,225,000 construction loan commitment to the Housing Authority of the City of San Buenaventura (HACSB) for the Westview Village II and an $800,000 predevelopment loan funded to 2nd & B Street Homeless Solutions Center in Oxnard. Additionally, Housing Trust Fund VC has received operational grant funds in the amounts of $20,000 from Wells Fargo and $7,500 from Union Bank, with the potential to double with the State of California’s Proposition 1 match.
With an increasing need for senior affordable housing in the City of Ventura, the HACSB is replacing the city’s oldest and largest public housing complex with four new development phases, Westview Village II will service the need for housing with 50 senior units, including, five units specifically reserved for homeless seniors. This loan will be funded, in part, with direct impact from the 2020 State Prop 1 Local Housing Trust Fund match awarded last year. CEO at HACSB, Denise M. Wise shared “The Housing Trust Fund loan is critical funding for Westview Village II to provide needed housing for very low-income seniors. Wise continues, “The Housing Authority of the City of San Buenaventura really appreciates the Trust Fund’s creativity and responsiveness to the community.”
2nd & B Street Homeless Solutions Center will include 55 affordable housing units, targeting the homeless community in Oxnard. The Center will be constructed on the first piece of land ever donated by the City of Oxnard to Housing Trust Fund VC, to be transferred to the Housing Land Trust Ventura County. The value of the donated land will be matched through Proposition 1 during a future construction loan. The Center is a joint collaboration between the City of Oxnard, Community Development Partners, and Mercy House and is a highly anticipated development for the community. President of Community Development Partners, Kyle Paine commented, “We are thankful to HTFVC for providing a predevelopment loan for our upcoming Permanent Supportive Housing (PSH) project in the City of Oxnard. It’s great when you can work with a lender that is efficient and also shares in your mission of bringing much-needed affordable housing to communities.”
The Housing Trust Fund of Ventura County continues to amplify the increasing need for affordable housing, and invites mission-minded community leaders, CEOs, executives, business owners and others to join a virtual roundtable discussion sponsored by City National Bank on August 31st, from 4p.m. – 5p.m. on Zoom. The discussion will be led by Housing Trust Fund VC’s CEO Linda Braunschweiger and will be an opportunity for attendees to learn about the power of community impact investing, and how an investment can earn modest returns while contributing to a revolving loan fund that helps to provide safe and equitable homes built in richly diverse neighborhoods throughout Ventura County. “It’s through the support of investors, Prop 1 match, grantors, and sponsors that allows us to provide low cost, flexible lending capital for the development of affordable housing in Ventura County,” commented Braunschweiger, “We are thankful to have this ongoing support and know our community’s collective prosperity rises with each new affordable development built.” If you know a mission-minded corporate leader or if you’d like to join the roundtable discussion, please send an email to Linda Braunschweiger at linda@housingtrustfundvc.org, or visit housingtrustfundvc.org for more information.
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 June 2021, Housing Trust Fund VC has invested close to $12 million through its revolving loan fund, creating 720 affordable apartments and homes for very-low, low- and middle-income employees, transitional age foster youth, veterans, farm workers, and the homeless.