Our primary goal is to increase the supply of affordable housing in Ventura County, thereby creating strong, sustainable, inclusive communities and quality homes that are affordable for all. Ultimately, we aim to utilize housing as a platform for improving quality of life. To address this problem, we help finance new and safe affordable housing for low-income individuals and families. We attract capital from sources not traditionally dedicated to housing, and leverage it with public, ... Read More
Our primary goal is to increase the supply of affordable housing in Ventura County, thereby creating strong, sustainable, inclusive communities and quality homes that are affordable for all. Ultimately, we aim to utilize housing as a platform for improving quality of life. To address this problem, we help finance new and safe affordable housing for low-income individuals and families. We attract capital from sources not traditionally dedicated to housing, and leverage it with public, corporate, nonprofit and individual funds, building a revolving loan fund dedicated to expanding affordable and workforce housing. From the Fund we make short-term, below-market interest rate loans to developers for new affordable housing projects. We provide capital for single-family, multi-family, rental and owner-occupied affordable housing. We play a key role as part of a project's total financing mix, helping attract funds from other sources. We aim to support both the affordable housing developer as well as the renter and future homeowner through consultation and other services.
From our Revolving Loan Fund we make short-term, below-market interest rate loans to developers for new affordable housing projects. Eligible projects include 1) new construction of affordable housing, and 2) acquisition and conversion of market rate housing or non-residential property to affordable housing. Loans are typically awarded for pre-development, gap financing, and construction costs. As resources permit, we are able to provide longer terms and other types of loans such as rehab of housing with expiring covenants to keep them affordable. Currently we prioritize funding for developments that serve: veterans, homeless, youth transitioning out of foster care, farm-workers, and extremely-low to low-income households. To increase our positive impact on housing affordability, we are looking at other products/services including down-payment assistance, shared ownership equity through a land trust, first-time home-buyer assistance programs, temporary and semi-permanent shelter assistance, etc.
In the nine years since formation, we have loaned $22.3 million to help create 960 homes for families and individuals. We have received support from an impressive and varied mix of 85 for-profit businesses, 35 foundations/non-profits, the State, County and all 10 cities, and 200+ individuals. We are a certified CDFI, certified at the federal level in March 2018, and in 2015 at the State COIN level. We are actively growing this fund by pursuing C1DFI investments and grants, participating in the State of California Prop. 1 program (voter approved Nov. 2018) with a potential $25m match, receiving low-interest investment loans, engaging businesses and employers at the local level (possible Community Impact Note product), developing a legislated dedicated funding source, and supporting legislative efforts and the State level.
We have 3.5 staff, 5 contract consultants, 18 board members, and several other individuals as committee members and volunteers. Our board members represent varied sectors including local government, banking, housing development, housing providers, real estate industry, target populations, and legal. We are active participants in local and regional housing and economic development forums partnering with other nonprofits, business community, university research, and municipal players.
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