5th Annual Compassion Campaign invites guests to reimagine the future of affordable housing4/9/2024 Housing Trust Fund Ventura County announced today that its 5th Annual Compassion Campaign will feature Mark Stivers, Director of Advocacy for the California Housing Partnership, a private nonprofit organization created by the State Legislature in 1988 to help provide housing that is sustainable and affordable for working families, homeless, veterans, seniors and disabled individuals. 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 click here.
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Housing Trust Fund Ventura County (Housing Trust Fund VC) welcomed community leaders to its Annual Meeting and “A Home for Education” symposium February 29th at the CSU Channel Islands (CSUCI) campus. The symposium was presented in collaboration with the County of Ventura, CSUCI, Ventura County Office of Education, Ventura County P-20 Council, and Housing Trust Fund VC to an audience of key decision makers in education, government, land use planning, and affordable housing development. The Annual Meeting highlighted accomplishments by Housing Trust Fund VC, including $27.5 million in funded or committed loans since 2013 and $40 million raised, resulting in 1,177 affordable apartments and homes committed, funded, and produced throughout Ventura County. The meeting also provided an opportunity for community members to provide comment about Housing Trust Fund VC’s products and service.
Those interested in working to identify unique and innovative affordable housing solutions in Ventura County, are invited to provide input during Housing Trust Fund Ventura County’s Annual Meeting. During the meeting the nonprofit will present a 2023 year in review and its current programs and services, along with “A Home for Education: Housing solutions on educational properties,” on Thursday, February 29, 2024, from 8:30 a.m. to 1:00 p.m. at the Grand Salon at California State University Channel Islands. “A Home for Education," is a collaborative symposium presented by Housing Trust Fund Ventura County, County of Ventura, CSU Channel Islands, Ventura County Office of Education, and Ventura County P-20 Council to bring together the education and affordable housing communities to discuss opportunities to develop affordable housing for educators on educational properties. Register free at https://AHomeForEducation.eventbrite.com.
Housing Trust Fund Ventura County announces $88,000 in funding for affordable housing lending1/10/2024 Housing Trust Fund Ventura County (Housing Trust Fund VC) begins 2024 by announcing $88,000 in new funds for the development of affordable housing in Ventura County. The funds come in the form of $85,000 in grants from U.S. Bank, First Citizen’s Bank and PennyMac Financial Services as well as $3,000 in year-end contributions from private donors. The amount will be applied toward the increased need for affordable housing funding as the staggering need for housing continues to grow.
Housing Trust Fund Ventura County (Housing Trust Fund VC) has been awarded $5,000,000 from the Southern California Association of Governments’ (SCAG) as part of the Regional Early Action Planning (REAP) 2.0 Lasting Affordability program. The funding will support the creation of the Housing Trust Fund Ventura County’s Revolving Long-Term Loan Program for Infill Affordable Housing Developments Project. This project will establish a long-term loan program and will increase the lending capacities of Housing Trust Fund VC. In addition, this grant will provide resources to Housing Land Trust Ventura County (Housing Land Trust VC) to create policies and procedures which will advance Housing Land Trust VC to attract additional capital and land donations. The anticipated outcomes from the new fund include 656 affordable housing units in Ventura County by 2031.
Housing Trust Fund Ventura County (Housing Trust Fund VC) announces the approval of a $1,500,000 predevelopment loan to help fund College Community Courts, a People’s Self-Help Housing Corporation (PSHHC) affordable housing development in Ventura. With construction set to begin in late 2024, the new multi-family housing community will provide 57 affordable units for farmworkers and their families.
Housing Trust Fund Ventura County to receive $5 million from Prop 1 Local Housing Trust Fund program10/5/2023 Housing Trust Fund Ventura County has been awarded $5,000,000 from the Local Housing Trust Fund (LHTF) program by the California Department of Housing and Community Development (HCD). This is a result of the nonprofit’s ability to raise $5M in local funding to receive this 100% match from the California State Prop 1 matching grant program. This brings Housing Trust Fund Ventura County’s Prop 1 award total to just over $14M, which, through the development of safe and affordable housing, will positively impact the lives of farmworkers, veterans, low-income seniors, cognitively impaired individuals, people experiencing homelessness, transitional age foster youth, and extremely-low and low-income individuals and families.
Housing Trust Fund Ventura County (Housing Trust Fund VC) announces a $1,500,000 CRA line of credit from Montecito Bank & Trust. The EQ2 (equity equivalent investment) product being leveraged for this Community Reinvestment Act (CRA) line of credit is a long-term loan that allows community development financial institutions (CDFIs), like Housing Trust Fund Ventura County, to strengthen their capital structures and leverage additional debt capital resulting in the ability for increased lending and investing in economically disadvantaged communities, in this case through the development of affordable housing for seniors, farmworkers, the homeless, transitional age foster youth, and low-, very-low, and extremely-low income individuals and families in communities throughout Ventura County. Housing Trust Fund Ventura County set another fundraising record at its 4th Annual Compassion Campaign. With a strong showing of community leaders in attendance, the organization exceeded last year’s record setting fundraising high. Supported in part by Keystone Sponsors City National Bank and HOPE (Housing Opportunities for People Everywhere), the Museum of Ventura County provided the perfect back drop for this year’s theme, HOME MADE: Fund It + Build It + Live It, which featured three museum-quality exhibits that immersed guests into a learning experience, which highlighted through sight and sound what it takes to fund, build, and live in safe, equitable, and affordable homes in Ventura County. Housing Trust Fund Ventura County (Housing Trust Fund VC) announced that the nonprofit has been awarded a $1.5M grant from the County of Ventura’s general fund for the development of affordable housing throughout the community and another $891,059 from the U.S. Treasury Department’s CDFI Fund Equitable Recovery Program. This combined $2,391,059 has the ability to be matched dollar for dollar by the State of California’s Proposition 1 Local Housing Trust Fund, bringing over $4 million to Ventura County in support of developing more affordable apartments and homes.
The process to receive funds from the national Equitable Recovery Program was highly competitive. Housing Trust Fund VC was the only Housing Trust Fund in the state to receive an award. In total, 696 Community Development Financial Institutions (CDFIs) from across the country requested a total of $7.69 billion, which is nearly 4.4 times the amount of funding that was available through this program. “This is a huge accomplishment that demonstrates the serious role we take in managing and expanding our financial resources for the production of safe, equitable, affordable housing,” said Tracy McAulay, Housing Trust Fund VC Board Chair. Housing Trust Fund VC will leverage these County and Federal funds with matching funds from the State of California Prop 1 Local Housing Trust Fund, and other private and charitable sources, to bring even more funding to the county for the development of new affordable homes. In a letter of support presented to the county from the newly formed Ventura County Housing Coalition (VCHC), it was noted that year after year, the annual progress reports (APR) published by the state’s Housing and Community Development (HCD) department show how the rate of production for low-income units falls short of the Regional Housing Needs Assessment (RHNA) targets. Unfortunately, this means the new units being produced in the county are by and large set at rents that are unaffordable to low-income households. “Since 2013, we’ve helped to fund the creation of 1,120 affordable apartments and homes in Ventura County. Sadly, however our county is #1 in the state and #2 in the nation experiencing the worst housing shortage. We’re more than 31,000 units short of the need.” Braunschweiger refers to a study, “Housing Underproduction in the U.S. 2022” released by Up for Growth, a nonprofit research group. “We are honored that the County and Federal government see the need in our community and trust Housing Trust Fund VC with helping to solve the problem. These funds will go a long way, especially with the ability to double them through Prop 1, towards meeting the housing affordability shortage.” To learn more and get involved in helping to solve the housing crisis in Ventura County, Housing Trust Fund VC is hosting Compassion Campaign 2023 – “HOME MADE: Fund It + Build It + Live It” on Thursday, May 11th at the Museum of Ventura County. Three museum-quality exhibits will invite guests to stroll through and learn what it takes to fund, build, and live in safe, equitable, and affordable homes in Ventura County. For tickets, please visit www.housingtrustfundvc.org/2023cc-tickets. |
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April 2024
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