Housing Trust Fund Ventura County announces $2 million in lines of credit received from Community West Bank and Mission Bank and $250,000 below market interest rate loan from CBC Federal Credit Union
Three loans to be funded, Fillmore Terrace in Fillmore, Mesa Ojai in Ojai, Westview II in San Buenaventura
Ventura County, CA – Housing Trust Fund Ventura County (Housing Trust Fund VC) announces two, $1 million lines of credit (LOC), one each from Community West Bank and Mission Bank, along with a $250,000 below market interest rate loan from CBC Federal Credit Union. The funds will be used as part of Housing Trust Fund VC’s Everyone Deserves a Home revolving loan fund, a community impact note that provides flexible, below-market interest rate loans for the development of affordable housing in Ventura County. Three upcoming developments that will receive funding are a new pre-development loan for Fillmore Terrace being developed by Peoples’ Self-Help Housing Corporation (PSHHC), a GAP loan for Mesa Ojai being purchased by Mesa, and a construction loan to the Housing Authority of the City of San Buenaventura (HACSB) for Westview II.
The LOCs provided by Community West Bank and Mission Bank and the loan from CBC Federal Credit Union join a pool of funds from other public and private investors, sponsors, and donors to provide lending capital in support of Housing Trust Fund VC’s Community Promise of building safe and equitable homes in Ventura County. Brian Schwabecher, Chief Banking Officer of Community West Bank stated, “Community West Bank is proud to support Housing Trust Fund Ventura County with financing for their housing initiatives, and we’re also honored to help sponsor the Everyone Deserves a Home Compassion Campaign event on May 12.” The nonprofit’s annual fundraiser takes on a unique twist this year as a guest immersive experience shining light on housing equity as told through the lives of connected individuals. Please visit:
www.housingtrustfundvc.org/compassioncampaign2022 to learn more.
Mesa, in partnership with Ventura County and PSHHC, is funded in part by a Housing Trust Fund VC $2.5M GAP loan. The development will provide housing and a wellness center for 13 Transition Age Youth (TAY). The plans include light renovation of a four-bedroom house, and the addition of 10 single occupancy tiny homes, in addition to space for a community building, health and wellness, employment, and education programs. The allocated funds for this loan, as well as the construction loan for Westview II (which will provide 50 homes to low-income and homeless seniors), were pulled from a pool of investments from Bank of the Sierra, Mission Bank and Community West Bank, and were provided to the developers at below market interest rates and reduced fees to help the developments move to the next phase of development.
“We are excited to build on our Community Promise of funding affordable homes with the support of both Community West Bank’s and Mission Bank’s generous lines of credit, which allow us to continue funding impactful developments,” states Housing Trust Fund VC CEO Linda Braunschweiger, “The Fillmore Terrace, Mesa and Westview II developments are such noteworthy examples of providing safe and equitable homes for those who need it most, because everyone deserves a home.”