Many Mansions                                         

Press Release  

Breaking News:  State of California Awards Many Mansions $11.4 million in Federal Tax Credits for the Hillcrest Apartments Project 


 

Thousand Oaks, CA -  On June 22, 2011 the California Tax Credit Allocation Committee (CTAC) awarded Many Mansions $11,405,569 in 9% federal tax credits to assist in the financing of Many Mansions' planned 60 unit Hillcrest Apartments affordable housing complex in Thousand Oaks, California. Many Mansions' application received the highest score in the Central Coast geographic region and one of the highest scores in the State of California.

 

The Hillcrest Apartments project is a $26 million new construction project; consisting of five residential buildings, a community building, picnic areas, a community garden, and a playground.  The project is designed with the latest 'green' features and will be certified 'Green Communities'.   The complex will be a mixture of 1, 2, and 3 bedroom units-all units are restricted to low-income households, half to extremely low-income households who are also currently homeless.  The recent Ventura County homeless count in 2011 showed an increase in families with children who were homeless. Many of the units are further designated for individuals who have a disability.

 

Along with the award of tax credits, Many Mansions also received funding and support from many other organizations and agencies. The City of Thousand Oaks Redevelopment Agency provided the initial funds for acquisition of the land and most of the pre-development costs. Other funding and support came from the State of California-Housing & Community Development Division, the County of Ventura, the County of Ventura Behavioral Health Department, the Ventura County Continuum of Care, the Federal Home Loan Bank, the Mississippi Valley Life Insurance Company, the federal Department of Housing & Urban Development (HUD), the California Housing Finance Agency, and U.S. Bank.  The construction loan will be through U.S. Bank.  Lauterbach & Associates is the architectural firm for the project.

 

Construction is set to begin in October, 2011 and will take approximately 14 months. Once operational, Many Mansions will provide a variety of on-site service programs for the residents-an after-school tutoring program (the Homework Tutoring Club), summer camp (Camp Many Mansions), and other programs for the children; case management, job development, and other programs for the formerly homeless adults and families.     

                                           --Rick Schroeder, President of Many Mansions 

About Many Mansions

Founded in 1979, Many Mansions is a non-profit 501(c)(3) organization that is one of the leading providers of affordable housing in Ventura County.  As a developer and manager of affordable rental housing, Many Mansions operates 12 apartment communities for low-income individuals and families, including seniors, those who have been homeless, and those who have a disability. Providing more than housing, Many Mansions provides a variety of life-enriching service programs to break the 'cycle of poverty' afflicting many of our families and to re-integrate them as productive members of our society.  Learn more about Many Mansions! Contact us if you wish to take a property tour, receive a presentation, host a Bowl Painting Party, or just learn more about Many Mansions and its programs.   

Many Mansions

1459 E. Thousand Oaks Blvd, Bldg. "D"

Thousand Oaks, CA  91362

(805) 496-4948

www.manymansions.org  

Contact: Rick Schroeder, President 

 
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