$12,000,000 in loans approved to create 492 affordable housing units in Ventura County

Today we announce that our Board of Directors has approved $12,000,000 in new construction and pre-development loan commitments across four different developments in Ventura County. Five million dollars of those funds will be matched by California's Prop 1 Local Housing Trust Fund Program Match.

This approval comes as Ventura County was named the most unaffordable housing market in the United States, showcasing the power of community contributions to address the affordable housing crisis head-on. The four Ventura County developments will provide 492 new affordable apartment homes dedicated to homeless and low-income individuals and families.

“Ventura County is now the least affordable housing market in the United States,” said Linda Braunschweiger, CEO of Housing Trust Fund Ventura County. “To see for-profit developers working alongside nonprofits to resolve the housing affordability crisis is a step in the right direction for Ventura County and beyond.”

Valentine Road Apartments | Ventura | $5,000,000 Construction Loan

(Project Homekey Development)

• Developer: The Housing Authority of the City of San Buenaventura
• Development Type: Converts 142-room La Quinta Inn into 134 studio apartments
• Includes: Common area, community garden, dog run, sports court, on-site offices for supportive services, and a lobby with the capacity to host community events
• Noteworthy: 40 units dedicated to homeless individuals with disabilities
• Move-In: Planned to be at full capacity by 2025

Citrus Flats | Santa Paula | $1,000,000 Pre-Development Loan

• For-Profit Developer: Red Tail Multifamily Land Development
• Development Type: New construction of 166 affordable apartments for large families with an average AMI below 60%
• Includes: 60 one-bedroom units, 32 two-bedroom units, 56 three-bedroom units, and 18 four-bedroom units
• Move-In: Construction begins in November 2024 with 95% occupancy anticipated by January 2028

Arrive Ventura | Ventura | $1,000,000 Pre-Development Loan

• For-Profit Developer: Red Tail Multifamily Land Development
• Development Type: New construction of 104 affordable apartments for large families with an average AMI below 60%
• Includes: 26 one-bedroom units, 35 two-bedroom units, 32 three-bedroom units, and 11 four-bedroom units
• Move-In: Construction begins in May 2027 with 95% occupancy anticipated by January 2030

Aspire Apartments | Oxnard | $5,000,000 Construction Loan

• Non-Profit Developer: Many Mansions
• Development Type: New construction of 88 affordable apartments targeting low, very low, and extremely low-income families
• Includes: 56 one-bedroom and 32 two-bedroom units
• Noteworthy: Aspire Apartments was previously approved and funded by Housing Trust Fund VC for a $250,000 pre-development loan and a $1.1 million acquisition loan. Total funding and loan commitments from Housing Trust Fund VC in support of this development is $6,350,000.
• Move-In: Construction begins in June 2025 with 100% occupancy planned for April 2027.

Join us on May 9th - Tickets Available

To continue the conversation and learn more about how to support affordable housing in Ventura County, join us for our 5th Annual Compassion Campaign, “Unlocking Affordable Living – Reshaping Housing Solutions.” The event will be held at Walnut Grove at Tierra Rejada Farms in Moorpark on Thursday, May 9th, 5:00 p.m. to 8:00 p.m. For tickets and sponsorship opportunities please click below.

Follow us on social media for additional updates as Compassion Campaign 2024 approaches!