Housing Trust Fund Ventura County awarded $5 million in approved funding from SCAG’s Lasting Affordability Program
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 Planning (REAP) 2.0 Lasting Affordability program. The funding will support the creation of the Housing Trust Fund Ventura County’s Revolving Long-Term Loan Program for Infill Affordable Housing Developments Project. This project will establish a long-term loan program and will increase the lending capacities of Housing Trust Fund VC. In addition, this grant will provide resources to Housing Land Trust Ventura County (Housing Land Trust VC) to create policies and procedures which will advance Housing Land Trust VC to attract additional capital and land donations. The anticipated outcomes from the new fund include 656 affordable housing units in Ventura County by 2031.
Housing Trust Fund Ventura County’s Revolving Long-Term Loan Program for Infill Affordable Housing Developments Project is a new effort by Housing Trust Fund VC to specifically target infill properties in Ventura County on which affordable housing would be developed. Targeted infill properties will be in urban and transit supportive areas and consist of unused and underutilized land with accessibility to daily services, ideally suited to foster new and growing communities. A portion of the grant will support Housing Land Trust VC in establishing policies and procedures which will create a framework for growth, community outreach, and evaluation of land donation.
“The impact of an award like this is immediate and lasting. We are honored to be considered among programs that will bring affordable living and lasting change to Southern California, including our wonderful Ventura County,” said Linda Braunschweiger, CEO of Housing Trust Fund VC and Housing Land Trust VC. “Affordable housing is a community effort and SCAG reminds us just how important our community truly is.”
This award is one of fourteen allocated by SCAG in support of innovative housing finance projects across Southern California. Selected awardees are set to receive a combined $45 million from the Lasting Affordability program. The Lasting Affordability program is funded by the Programs to Accelerate Transformative Housing (PATH) Program under REAP 2.0 and is meant to accelerate progress toward housing goals and climate commitments by strengthening the partnership between the state, its regions, and local entities with support for program-level investments in housing trust funds and community land trusts.
“We congratulate these 14 awardees for the innovative approaches they’re taking in addressing Southern California’s housing crisis and look forward to the positive impact they will have on their communities and the region,” said SCAG Executive Director Kome Ajise