Housing Trust Fund Ventura County aims to help increase affordable workforce housing options throughout Ventura County, “Because everyone deserves a home!”
With an emphasis on ensuring stable housing for very-low, low- and middle-income employees, transitional age foster youth, veterans, farm workers and the homeless, HTF Ventura County serves as the area’s leading early funding lender for developers creating affordable housing options in Ventura County.
Through its Revolving Loan Fund, the organization pairs non-traditional funds with creative financial products at below-market interest rates to developers who create new affordable housing within Ventura County. Since producing its first loan in 2013, HTF Ventura County has invested $9 million through its revolving loan fund, creating 365 affordable apartments and homes for those most in need.
Originally established in 2008 as Ventura County Housing Trust Fund and launching as a 501c3 nonprofit in 2012, the organization became Housing Trust Fund Ventura County (HTF Ventura County) in July 2019.
Creative Financing
With the ability to raise funds from sources not traditionally dedicated to housing, housing trust funds (HTFs) leverage these funds (every $1 is leveraged to $10+ for housing) by combining private resources with foundation and public agency funds to build a revolving loan fund dedicated to expanding affordable workforce housing. HTF Ventura County loans are made early in the development cycle, before traditional funding is available, thus provide financial support necessary to attract other money.
Community and business donations, including $100,000 raised at its eighth annual educational and donor recognition fundraising event this past May, make it possible for HTF Ventura County to exponentially grow its revolving loan fund by leveraging State Proposition 1, the Veterans and Affordable Loan Act, which provides a 1:1 fund matching program for Local Housing Trust Funds, up to $25 million.
Attended by some 200 housing advocates, business and community leaders, including Keynote Speaker State Treasurer Fiona Ma, HTF Ventura County’s annual fundraiser focused on the topic, “Your Business Depends on Housing: We’re All in This Together,” raising $10,000 each from Sage Publications, Inc., Legado Companies, Union Seniors Association, and City National Bank, among other supporters. The $100,000 will grow to $200,000, thanks to a 1:1 fund matching program provided by California State Proposition 1, notes Linda Braunschweiger, CEO, Housing Trust Fund VC. This year’s event will be held on June 4 at Los Posas County Club.
HTF Ventura County also received a Technical Assistance grant for $125,000 from the U.S. Department of the Treasury, which doubles to $250,000 due to State Proposition 1’s fund matching program.
Additional funding support from The McCune Foundation, The Lluella Morey Murphy Foundation, Wells Fargo Bank, Montecito Bank & Trust, and Pacific Western Bank totaling $1,480,000 will help the organization fund more affordable housing projects.
“Everyone deserves a home and I am confident that our community will help us get there,” says Braunschweiger. HTF Ventura County set a goal of raising $5 million by the end of 2019 and an additional $5 million in 2020, which is anticipated to generate $10 million from the state’s Prop 1 fund matching program, for a combined estimated $20 million in support of affordable housing in Ventura County.
Expanded Reach
In 2017, HTF Ventura County became a Community Development Financial Institution (CDFI), which certifies private and nonprofit financial institutions that are 100% dedicated to delivering responsible, affordable lending to help low-income and other disadvantaged people join the economic mainstream. This designation created access to new funding opportunities for HTF Ventura County, allowing for program expansion to better serve Ventura County residents in need of affordable housing.
Four current projects are underway in Ventura, Oxnard and Fillmore:
Ventura’s Willett Ranch, at 54 and 55 Willett Street, includes construction of 50 one- and two-bedroom apartments for extremely low income seniors, with 15 apartments designated for permanent supportive housing for homeless households. On-site supportive services will include 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 for the project, estimated to accommodate 75 to 80 seniors.
Ventura’s El Portal Building, at 1238-1288 North Ventura Avenue, is a two-story building constructed in 1929. Purchased by Triad Properties, a nonprofit corporation associated with the Housing Authority of the City of San Buenaventura, the mixed-use property will be reconfigured into 28 to 30 apartments for homeless individuals, those with special needs, and very low income adults. HTF Ventura County provided a $700,000 construction loan for the project, estimated to house 28 to 38 individuals.
Fillmore’s Mountain View Apartments, at 210-220 Santa Clara Street, will provide 77 one-, two-, and three-bedroom housing units for very low income families. The agrarian Craftsman-style architecture inspired by Fillmore’s unique history will enhance the neighborhood with charming buildings that create a pedestrian-friendly environment. The community includes open space, courtyards and recreational opportunities. HTF Ventura County provided a $1.26 million acquisition loan for this project, estimated to provide housing for 125 to 140 individuals.
Oxnard’s 6th Street Apartments, 217 6th Street, will provide 64 one-bedroom rental units and one two-bedroom manager unit; 35% of the units will be at 30% AMI and the remaining will be 60% AMI or less. HTF Ventura County provided a $1 million acquisition loan for this project.
“Access to affordable housing improves the quality of life of residents by providing better health, financial stability, enhanced security, improved performance in school for children, and population diversity in our communities. The effects of affordable housing on residents are profound and capable of transforming communities,” says Braunschweiger.
Sidebar
Housing Trust Fund Ventura County
Eligible projects:
• New construction of affordable housing.
• Acquisition and conversion of market rate housing to affordable housing.
• Acquisition and conversion of non-residential properties to affordable housing.
Loans awarded for:
• Acquisition, pre-development, gap financing, and/or construction of multi-family developments.
• Construction funding for deed-restricted affordable single-family homes.
• Short-term (1 to 5 years); GAP 6 months – 2 years.
• Minimum amount $50,000; maximum amount $2M.
• Projects with a long-term affordability requirement (30 to 55 years).
Priority to developments that serve:
• Veterans, homeless, farmworkers and young adults transitioning from foster care.
• Families and individuals at the lowest income levels.
Sidebar 2
Housing Trust Fund Ventura County Through the Years
2008 - Ventura County Housing Trust Fund (VCHTF) borne out of Housing Opportunities Made Easy (HOME)
2012 – VCHTF becomes 501c3 nonprofit; awarded $2M CA Proposition 1C matching grant
2016 - VCHTF becomes State Certified Development Financial Institution (CDFI)
2018 - VCHTF becomes Federal CDFI; receives financial support from all 10 cities and the County
2019 - VCHTF rebrands as Housing Trust Fund Ventura County and is awarded $125,000 CDFI Federal Grant