Housing Trust Fund Ventura County to receive $5 million from Prop 1 Local Housing Trust Fund program
Housing Trust Fund Ventura County has been notified by the California Department of Housing and Community Development (HCD) that it has been awarded $5,000,000 from the Local Housing Trust Fund (LHTF) program. 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 the total funding for Housing Trust Fund VC in this program round to $10M, which through the development of safe and affordable housing will positively impact the lives of farmworkers, veterans, low-income seniors, cognitively impaired individuals, houseless persons, transitional age foster youth, and extremely-low and low-income individuals and families.
The Housing Programs and Veterans’ Loans Bond, also known as California’s Proposition 1, includes the 1:1 fund matching Local Housing Trust Fund (LHTF) program, providing funding to Housing Trust Funds for the development of rental housing with a focus on low to extremely low-income housing units. This program affords the opportunity for applicant agencies to apply for up to $5 million per year for five years totaling a potential of $25 million. Housing Trust Fund VC has now received $9,019,387 from this program which began in 2020.
“We have been laser focused this last program year to raise $5 million locally so that we could fully leverage the Prop 1 match and we’ve done it!” commented Linda Braunschweiger, CEO of Housing Trust Fund Ventura County. “We have experts in housing on our Board and their leadership guided us towards this vital achievement that will result in more affordable apartments and homes in Ventura County, many of which are already in our development pipeline.” Currently, Housing Trust Fund VC has a pipeline of first-phase approved projects throughout the County with an estimated loan amount just over $32 million and will result in 656 affordable rental units.
Included in the $5 million raised locally, is the $840,000 valued land donated by the City of Oxnard for the development of a new Homeless Solutions Center. This is a first ever achievement in Ventura County where the value of donated land is included by HCD for the purposes of calculating the State match. In addition to this land donation, Housing Trust Fund VC successfully raised this round’s $5 million local match through support of sponsors, donors, grants, loan repayments and its record-setting Compassion Campaign fundraising event. The nonprofit’s successful investment vehicle – Everyone Deserves a Home Community Impact Note, has also attracted investors from both the public and private sector.
“The need for affordable housing continues to grow in our community,” commented Housing Trust Fund VC Board Chair Alex Russell. “This $5 million LHTF award paired with the $5 million local match will go a long way towards building new, safe, quality homes that are affordable to our most underserved populations.” Housing Trust Fund VC is looking at 2023 and beyond to ensure that the $5 million Prop 1 funds are matched 100% every year through the program’s sunset in 2024. To support our community of essential farmworkers, veterans, low-income seniors and more with affordable housing in Ventura County go to, www.housingtrustfundvc.org/donate-now.
Developers interested in receiving a loan may visit www.housingtrustfundvc.org/funding-programs and review the Program and Loan Underwriting Guidelines. A list of projects that have received first phase approval are also available on the website at www.housingtrustfundvc.org/housing.