The Future of Affordable Housing with For-Profit Developers

Two developments from Red Tail Multifamily Land Development demonstrate the benefits of investing in affordable housing

For generations, Ventura County has been a place where rolling citrus groves and coastal breezes symbolize opportunity and stability. Yet, as housing costs climb, many families find themselves struggling to remain rooted in the communities they love. Addressing this challenge requires innovation, collaboration, and investment. Enter Red Tail Multifamily Land Development, a for-profit developer focused on creating affordable housing solutions. For Ventura County, Red Tail is developing Citrus Flats in Santa Paula and Arrive Ventura in Ventura—two new construction developments that demonstrate how private investment, guided by community-focused goals, can help turn the tide on the growing need for more affordable housing in Ventura County.

Earlier this year, we announced the approval of $12,000,000 in loan commitments, supporting the development of much-needed affordable housing in the region (click here for full story). Two of the funded developments, Citrus Flats and Arrive Ventura, received a $1,000,000 pre-development loan commitment from Housing Trust Fund VC, enabling the foundational work needed to bring these transformative developments to life.

The Citrus Flats development in Santa Paula will provide 166 affordable apartments for families earning between 30% and 70% of the area median income (AMI). For context, in Ventura County, a single person earning $27,900 annually or a three-person household earning $35,900 falls within this range.

The units will include 60 one-bedroom, 32 two-bedroom, 56 three-bedroom, and 18 four-bedroom apartments, offering options for families of varying sizes. Construction is set to begin in November 2024, with an estimated completion date of January 2028.

Arrive Ventura, situated at Olivas Park Drive and Victoria Avenue in Ventura, will bring 104 affordable apartments to the community, designed with a focus on large families. Like Citrus Flats, this project will serve households earning 30%-70% of AMI, with an average income target below 60% AMI.

The development will feature 26 one-bedroom, 35 two-bedroom, 32 three-bedroom, and 11 four-bedroom units, ensuring diverse housing opportunities. Construction is scheduled to commence in May 2027, with completion anticipated by January 2030.

“Housing Trust Fund Ventura County is proud to support developments like Citrus Flats and Arrive Ventura, which demonstrate the power of strategic investment in affordable housing,” said Linda Braunschweiger, CEO, Housing Trust Fund VC. “Seeing for-profit developers enter the affordable housing market in Ventura County, exemplifies our shared commitment to creating lasting change to build homes that are affordable, accessible, and sustainable."

Addressing Ventura County's growing housing affordability needs through strategic investments by private developers

Ventura County continues to grapple with a severe housing affordability crisis, where average monthly rents far outpace local wages. Developments like Citrus Flats and Arrive Ventura reflect innovative approaches to alleviate these pressures, creating opportunities for families to thrive while fostering vibrant, inclusive communities.

These developments also highlight the critical role of public-private partnerships in tackling housing challenges. By providing pre-development loans to Redtail Multifamily Land Development, Housing Trust Fund VC ensures that the necessary groundwork is in place to bring these developments to fruition, paving the way for long-term solutions to the housing shortage and a viable investment for private developers.

With early funding secured from Housing Trust Fund VC and construction plans underway, these developments mark a significant step forward in addressing Ventura County’s housing crisis. Housing Trust Fund VC remains dedicated to finding creative and impactful solutions to meet the community’s housing needs.

Be sure to follow us on social media