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 $50,000; maximum amount $4 million with Prop. 1 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.