Grant presented at the Bank's annual Community Dividends lunch
Each year, on the Monday before Thanksgiving, Montecito Bank & Trust celebrates local nonprofits in a longstanding tradition known as their Community Dividends® luncheon. Housing Trust Fund Ventura County's Linda Braunschweiger was one of hundreds of nonprofit leaders who gathered to be recognized for the meaningful work each does every day in our community.
Thank you Montecito Bank & Trust for its very generous investment into affordable housing through the $15,000 donation received this year by Housing Trust Fund Ventura County. It will be leveraged to support affordable housing development for veterans, homeless individuals and families, farm workers, low- and very-low income individuals and families, young adults transitioning from foster care and cognitively impaired individuals.
The Community Dividends® tradition began twenty years ago when the Bank's late founder, Michael Towbes, invited 100 nonprofits to lunch and surprised each of them with a $10,000 check. The tradition carries on, giving away $1 million every November to hundreds of nonprofits across the Central Coast. This year, in honor of its 20th event year, the Bank gave away $2 million dollars.
Housing Trust Fund Ventura receives $518,000 in support of affordable housing; to fund over $4M for Rancho Sierra Senior Apartments near Camarillo
Housing Trust Fund Ventura County is committed to funding the development of safe and equitable homes that make a positive impact in the trajectory of people’s lives. In support of that effort, the nonprofit recently received $18,000 from a combined two operating grants from Citizens Business Bank and the Bank of Sierra and a $500,000 investment from US Bank into its Everyone Deserves a Home Community Impact Note. Funding such as this is pooled with other supportive funding sources to ensure developments like the Rancho Sierra Senior Apartments (Rancho Sierra) are built to foster positive change for individuals and families who face housing insecurity.
Housing Trust Fund VC is providing just over $4.4 million in a pre-development construction loan for the development of Rancho Sierra located on unincorporated land near Camarillo. The 49 senior apartments, 24 of which are set aside for homeless individuals or those at risk of becoming homeless, will be built by Many Mansions with support services overseen by the Area Housing Authority of the County of Ventura. Rancho Sierra Senior Apartments is the first affordable development in Ventura County utilizing prefabricated units. With the units factory-built off-site and delivered ready to stand, construction costs are reduced, leading to overall project cost savings as well as a shortened construction period
“A portion of the funding for Rancho Sierra was matched by Prop 1’s local fund matching program,” said Linda Braunschweiger, CEO of Housing Trust Fund Ventura County. “We continue to work diligently at Housing Trust Fund VC to receive the highest possible match each year from Prop 1 to bring more affordable homes to our community.” Housing Trust Fund VC has received $9,019,387 to date from the state’s Local Housing Trust Fund (LHTF) program which began in 2020.
Housing Trust Fund Ventura County announces land donation by the City of Thousand Oaks for development of affordable, for-sale housing
Ventura County, CA – Housing Trust Fund Ventura County announces a 3.87 acre land donation by the City of Thousand Oaks to its supporting non-profit, the Housing Land Trust Ventura County. Approved at the City’s November 1, 2022 City Council meeting, the donated land located at 384 N. Erbes Road will be developed by People’s Self-Help Housing into nearly 80 affordable for-sale townhomes. People’s Self-Help Housing, as the lead agency, is working with collaborative partners Housing Trust Fund Ventura County/Housing Land Trust Ventura County, Ventura County Community Development Corp, McCarthy Companies, and DiCecco Architecture to bring this development to fruition.
Homeownership is widely out of reach for many residents in Ventura County. The Hillcrest Homes development will open up home ownership for the community’s low-income to moderate-income individuals and families. “There is absolutely no doubt that the City of Thousand Oaks is taking a historic step. It is a step that takes courage. It is a step that will help improve our community,” commented Councilwoman Claudia Bill-de la Peña during the City Council meeting. In 2021, the City of Thousand Oaks acquired the Hillcrest site from Hillcrest Christian School and in early 2022 the City Council adopted a resolution declaring the site as exempt surplus land pursuant to the Surplus Lands Act.
The ability to build affordable housing often comes down to the high cost of land. A critical element of success for the Hillcrest Homes development is the donation of the land by the City of Thousand Oaks and the mechanism established by Housing Trust Fund VC to receive the land through its new supporting nonprofit, Housing Land Trust Ventura County. Hillcrest Homes is the second parcel donated to Housing Land Trust VC since its formation in 2021. In April 2021, the City of Oxnard donated a 22,000 sq parcel located at 241 W. 2nd Street for the development of The Oxnard Navigation Center, which will provide 110 shelter beds and 24-hour supportive services for our community's homeless population. In addition, the development will provide 55 permanent housing units, recently renamed Casa de Carmen in honor of the late Carmen Ramirez.
“We value our long-term partnership with the City of Thousand Oaks. As an early investor into the Trust Fund, the City’s funds have been leveraged and cycled through our revolving loan fund many times over to produce affordable housing throughout Ventura County,” said Linda Braunschweiger, CEO of Housing Trust Fund VC and Housing Land Trust VC. “With this latest land donation, the Housing Trust Fund / Housing Land Trust will be able to leverage millions of dollars in diverse funding from the state as well as the federal government to produce more affordable housing. These resources will also be used to help fund this project.”