Housing Trust Fund VC and Housing Land Trust VC receive $5.1 million from SCAG REAP 2.0, U.S. Bank and Mechanics Bank

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 Plan (REAP 2.0). The funding will support the development of the Housing Trust Fund Ventura County’s Revolving Long-Term Loan Program for Infill Affordable Housing Developments. This program will establish a long-term loan program and will increase the non-profit’s lending capacities by offering residual receipts loans that will extend 15-18 years. The grant includes $500,000 for Housing Land Trust Ventura County (Housing Land Trust VC) to create policies and procedures and to support marketing, legal, and community outreach.  Additionally, grants totaling $150,000 have been received from U.S. Bank, Mechanics Bank, and First Citizens Bank.

“With SCAG’s support, we can now offer long-term financing tools that truly meet the needs of affordable housing developers. These new loans will allow us to increase the depth and duration of our impact—unlocking more units, in more neighborhoods, for longer,” says Housing Trust Fund VC CEO Linda Braunschweiger. “This is about creating housing that stays affordable for generations.”
Currently, Housing Trust Fund VC ’s revolving loan program has the capacity to provide short-term loans for 1-5 years. The Long-Term Loan Program for Infill Affordable Housing Developments will increase affordable housing beyond current capacities by enabling developers to utilize loans that will extend 15-18 years and qualify for bonus points on Low-Income Housing Tax Credit applications. Housing Trust Fund VC will originate and fund three to five 15–18 year loans with loan volume determined by development size. The non-profit will work to increase lending capital through a strategic capital fundraising campaign. Housing Land Trust VC will also develop internal processes to evaluate land donation, assess liability of land donation, develop NOFA process for working with developers, establish template documents for real estate development, and create a marketing and impact plan.

“We are proud to support Housing Trust Fund Ventura County as they expand innovative financing strategies aligned with the goals of REAP 2.0,” said Kome Ajise, Executive Director of SCAG. “This program exemplifies the kind of lasting, community-rooted investment we envision, that accelerates housing production to benefit everyone in the region. Partnerships like this move Southern California forward.”

All programs funded by REAP 2.0 must meet its primary objectives, which are to accelerate infill housing development, reduce vehicle miles traveled (VMT), increase housing supply at all affordability levels, affirmatively further fair housing, and facilitate the implementation of adopted regional and local plans to achieve these goals. This proposal was developed under SCAG's Notice of Funds Available (NOFA) for Lasting Affordability Program, which supports innovative finance strategies for programs that support existing and establishing new housing trusts, land trusts and catalyst funds. SCAG empowers Southern California jurisdictions and organizations to work toward regional solutions by facilitating resources and opportunities for local engagement, capacity building and technical assistance, and strategically support and invest in the region’s most impacted communities.
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First Citizens Bank has awarded Housing Trust Fund VC a $20,000 grant as part of their Community Benefits Plan, a 5-year plan focused on lending to and investing in low- and moderate-income communities and neighborhoods of color. Mechanics Bank has awarded a $30,000 Operational Grant to Housing Trust Fund VC for operations and to support the Long-Term Loan Program for Infill Affordable Housing Developments. U.S. Bank has awarded 2 Community Possible HOME grants worth $50,000 each to both Housing Trust Fund VC and Housing Land Trust VC. Combined, the grants totaled $150,000 and will support the organizations with operations as they continue their commitments to help increase affordable housing options throughout Ventura County.