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$5,000,000 Construction Loan Provided

to Repurpose La Quinta Inn

Driving down the 101 through Ventura reveals some iconic local landmarks, like the cylindrical bathrooms at Ventura Beach that welcome guests to the historic downtown and pier. Yet few landmarks are as well recognized by both locals and visitors as the distinctive retro facade at Salzer's Records near the Victoria Avenue offramp. And, directly across from Salzer's sits a building that may soon be tough to recognize.

What was once the 142-room La Quinta Inn, sheltering weekenders and travelers for years, is being transformed into Valentine Road Apartments — a 134 studio apartment Project Homekey rehabilitation development dedicated to providing permanent housing for Ventura County community members at risk or actively struggling with maintaining housing.

photo source: Google images

Creating homes from what already exists

In February of 2024, Cal Lutheran's Center for Economic Research and Forecasting shared that Ventura County was the least affordable area in the nation. With rent on average being $2,700 per month, and the minimum wage in the area being $16.00/hour, or $2,560/month. Seeing these rental and wage rates, it's easy to understand how during the 2023 Ventura County Homeless Point In Time Count, 2,441 adults and children were recognized as ‘homeless’.

Construction rehabilitation developments present a timely response to this need. This approach revitalizes communities by imagining what could be created from what already exists, accelerating the completion of new developments and delivering much-needed housing more quickly and efficiently.

Valentine Road Apartments - a new community from an old building

Valentine Road Apartments is a wonderful example of creating housing from existing unused buildings. Housing Trust Fund VC is honored to have provided a $5,000,000 construction loan for this property rehabilitation being developed by the Housing Authority of the City of San Buenaventura (HACSB). The new apartment community will feature 134 studio apartments that enclose a welcoming common area. The property will also feature a community garden, dog run, sports court, and a lobby with amenities to host community events. The site will be well staffed with four property managers including two residing on-site, six case managers, and maintenance personnel to serve residents. Forty units will be dedicated to homeless individuals with disabilities, and the rest will serve households experiencing homelessness or at risk of homelessness. Importantly, to help residents thrive onsite wraparound services will be delivered by several community partners, including HACSB, Ventura County Behavioral Health, the Ventura County Continuum of Care, and the Ventura County Homeless Services Agency. Full occupancy is expected by November 2025.

Programs like Project Homekey, funded by the state, aim to bolster local funding efforts with supplemental funds. For Valentine Road Apartments that means providing a $32 million grant to transform the La Quinta Inn into affordable units. The grant is the largest Project Homekey award in the history of both the City and County of Ventura.

“Developments like the rehabilitation of Valentine Road Apartments exemplify Housing Trust Fund Ventura County’s commitment to implementing innovative solutions to address our community's unmet housing needs,” said Housing Trust Fund VC CEO Linda Braunschweiger. “It showcases our commitment to mindful and impactful developments that leverage existing resources while considering small but important details such as accessibility to public transportation and proximity to community resources and spaces.”

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