HOUSING TRUST FUND VENTURA COUNTY ANNOUNCES FUNDING FOR THREE NEW AFFORDABLE HOUSING PROJECTS IN VENTURA AND FILLMORE
Recently, HTF Ventura County was notified by the U.S. Department of the Treasury that it is one of 73 recipients of a Technical Assistance grant. The $125,000 grant doubles to $250,000 due to State Proposition 1’s fund matching program. “Earlier this year we set a lofty $5 million fundraising goal by the end of 2019,” stated Linda Braunschweiger, CEO of Housing Trust Fund Ventura County. “With this newest grant we are now within striking distance of achieving that goal.” In 2017, HTF Ventura County became a Community Development Financial Institution (CDFI), which certifies private and non-profit financial institutions that are 100% dedicated to delivering responsible, affordable lending to help low-income and other disadvantaged people join the economic mainstream. Being a CDFI opens new funding opportunities for HTF Ventura County, allowing for program expansion to help better serve Ventura County residents in need of affordable housing. Below are three such projects.
Ventura’s Willett Ranch, located at 54 and 55 Willett Street, is part of the new Solana Heights residential community. It will include the new construction of 50 one- and two-bedroom apartments for extremely low income seniors, with 15 apartments designated for permanent supportive housing for homeless households. The community will include on-site supportive services such as community gardening and meals, as well as targeted workshops and classes attractive to seniors. HTF Ventura County provided a $1.4 million acquisition and predevelopment loan to the Housing Authority of the City of San Buenaventura to make this project a reality. It is estimated that 75-80 seniors will become residents of Willett Ranch. Construction is set to begin in November 2019.
Ventura’s El Portal Building, located at 1238-1288 North Ventura Avenue, is a two-story building constructed in 1929. After falling into disrepair, Triad Properties, a nonprofit corporation associated with the Housing Authority of the City of San Buenaventura purchased the mixed-use property with plans to reconfigure 33 current living spaces, storage and commercial space into 28 to 30 more suitable apartments for homeless individuals, those with special needs, and very low income adults. HTF Ventura County provided a $700,000 construction loan to kick-off the project. It is estimated that 28-38 individuals will become residents of El Portal, which is set to begin reconstruction after all health and safety standards are brought up to code.