Funding programs
$52 million in funded or committed loans since 2013, ensuring 2,193 affordable apartments & homes are available to individuals and families throughout Ventura County.
THE “REVOLVING LOAN FUND”
The Housing Trust Fund Ventura County provides below-market interest rate loans to developers who create new affordable housing within Ventura County.
Eligible projects include:
- New construction of affordable housing
- Acquisition and conversion of market rate housing to affordable housing
- Acquisition and conversion of non-residential properties to affordable housing
Loans are awarded for:
- Acquisition, pre-development, gap financing, and/or construction of multi-family projects
- Generally, but not exclusively, short-term (1 to 5 years)
- Minimum amount $250,000; maximum amount $5 million with California Proposition 1 (2018) funding
- Projects with a long-term affordability requirement (30 to 55 years)
Priority is given to projects that serve:
- Veterans, transitional age foster youth, homeless individuals and families, farmworkers
- Low to extremely low-income individuals and families
Eligible applicants for funding include for-profit, non-profit and public agency developers of housing in Ventura County that is affordable to individuals and families of low income, or below. No funding is awarded directly to clients in need of housing. As the loans are repaid by loan recipients from construction financing, permanent financing, etc. the funding is available to loan to other eligible applicants and projects.
residual receipts loan FUND
applications will open in early 2026 with a 60-day application window
Program Purpose
Established in collaboration with Southern California Association of Governments (SCAG), the Housing Trust Fund VC Residual Receipts Loan Fund is designed to provide residual receipts loans to support new housing developments which expand Ventura County’s affordable housing stock. Loan funds are used to support the production of affordable housing developments by experienced public, nonprofit, or private developers. Loans are structured as 15-18 year residual receipts loans
What is a Residual Receipts Loan Fund?
A residual receipts loan fund is a type of financing commonly used in affordable housing development, where loan repayment is based on the project’s available cash flow rather than a fixed amortization schedule. Under this structure, the borrower is only required to make payments from the “residual receipts,” which are the net cash proceeds remaining after all approved operating expenses, debt service on senior loans, and required reserves have been paid. Any residual receipts are then split according to a predetermined formula, often with a portion going to the developer and the remainder distributed among subordinate lenders, such as public or nonprofit entities like Housing Trust Fund VC.
This approach helps preserve the financial viability of affordable housing projects by reducing the upfront repayment burden and aligning repayment with actual project performance.
Does this satisfy the Low-Income Housing Tax Credits requirements?
Yes. In the California Tax Credit Allocation Committee (TCAC) application process, tax credit bonus points are awarded to projects that meet specific policy priorities established by the state to promote deeper affordability, geographic equity, or other public benefits. These bonus points can significantly improve a project’s competitiveness for Low-Income Housing Tax Credits (LIHTCs), especially in oversubscribed funding rounds. For example, applicants may receive bonus points for incorporating deeper income targeting (such as units affordable to households at 30% of Area Median Income), securing local financial support, or aligning with state climate and equity goals.
Soft financing, such as residual receipts loans or deferred-payment loans from local government or nonprofit sources—can play a critical role in securing these points, as TCAC awards bonus points for projects that demonstrate meaningful contributions of local or public funds. The points are added to a project’s overall application score, which determines how it ranks relative to other applicants within the same funding category or region. Because TCAC awards credits based on score rankings, even a few bonus points can be the deciding factor in whether or not a project is awarded credits.
What is Application Process?
There will be a 60-Day application window beginning in early 2026. A link will be provided here to the application when it opens.
Development Services
Housing Trust Fund VC Development Services Program is a win-win
Affordable housing development organizations, both nonprofit and for-profit, are a critical resource for strengthening the housing development industry as a whole and expanding the supply of housing that is affordable.
To increase the supply of homes that are affordable and to support the sustained growth and financial stability of experienced developers working in Ventura County, Housing Trust Fund VC works one on one with developers to help move their vision to reality. Providing flexible and nimble lending capital, and increased access to industry connections and resources, Housing Trust Fund VC helps developers working in Ventura County grow their capacity and expand their affordable housing production into the future.
Housing Trust Fund VC’s Development Services Program combines our team’s local knowledge, partnerships, and key strengths – including project financing and land use guidance – by helping support developers grow in experience and support our communities.
- Training: We engage local real estate developers in one on one and workshop training with Trust Fund senior staff and industry experts. Expertise is provided for project-specific guidance to further participant’s’ real estate development and funding efforts.
- Financing: Housing Trust Fund VC works with participants to connect them to potential project financing options with insight into Federal, State, local and charitable resources to strengthen their financing applications
- Programs: Every year Housing Trust Fund VC hosts an Annual Meeting which gathers developers, local government, funders, foundations, and community members to discuss affordable housing trends, challenges, successes, and strategies for future development. This meeting is open to all. In addition, Housing Trust Fund VC partners with local nonprofits, advocates, and local government annually host a Developer Forum to provide training and education on local housing needs. Senior Staff from Housing Trust Fund VC provide on-going counseling services throughout the month, on an as needed basis.
- Outcomes:
- One industry and community member Annual Meeting providing training, strategies, and support for the development of affordable housing in Ventura County.
- Outcome: Increased attention on affordable housing development; changed perspective of affordable housing within the community; and increased lending capital.
- One Developer Roundtable specifically for developers (nonprofit and for profit) to receive topic specific training, insights into trends, financing education, and opportunities for connecting to industry partners.
- Outcome: Stronger, capable affordable housing developers.
- Monthly average one – five hours of senior staff consulting services time to developer/community partners working on affordable housing development, finance, land use and advocacy.
- Outcome: More developments to construction, stronger financed developments, and increased community partnerships
- One industry and community member Annual Meeting providing training, strategies, and support for the development of affordable housing in Ventura County.
Applying for a loan
Applications are received, evaluated and funded year-round as finances allow, on a first-come basis. The evaluation process is:
- Submit your letter of intent providing project and loan request information
- Housing Trust Fund VC will review and provide feedback, requesting clarification, additional information or invite a full-application
- Submit a full application (see below), including all schedules, approvals and financial information required
- Housing Trust Fund VC application approval and underwriting review
- Escrow and loan funding
Predevelopment and Acquisition Loans
Construction Loans with CA Prop. 1 (2018) State Match
Document submission timeline: Applications accepted year-round; Approval and funding as finances permit.
Loans since 2013
- $52 million in committed or funded loans since 2013.
- 2,193 affordable apartments & homes available for individuals and families throughout Ventura County.