Housing Authority receiving $1 Million from Federal Home Loan Bank of San Francisco

The Housing Authority of the City of San Buenaventura (HACSB) has partnered with Montecito Bank & Trust to win over $1 million in new funds from the Federal Home Loan Bank of San Francisco’s (FHLBank San Francisco) Affordable Housing Program (AHP). These funds will support the financing of HACSB’s future development sites at Willett Ranch and Rancho Verde in the City of Ventura. Since 1990, FHLBank San Francisco has provided over $1 Billion in grants to support affordable rental and homeownership opportunities for lower-income households. FHLBank San Francisco announced the awards through its 2018 AHP program on June 26, 2018, funding more than 65.9 Million for seventy projects in seven states, including these two HACSB development projects.

HACSB is proud to continue receiving funds through this program, which prior to this year’s award has already infused over $2.4 million into other HACSB developments. This year’s projects represent critical housing developments to support vulnerable Ventura households. Willett Ranch will create 50 new, affordable housing units for low- and very low-income seniors in Westside Ventura. Case management and financial literacy education will be available to residents to help them maintain housing stability. Part of a larger planned residential community, the complex offers three neighborhood parks, pedestrian friendly streets, and architecture styles that incorporate elements that promote social interaction. Willett Ranch received an award of $750,000 in this year’s competition.

Rancho Verde Apartments will create 24 new affordable housing for low- and very low-income farmworkers and their families in East Ventura. A new 4-acre public park will be located across the street and residents will also benefit from onsite amenities such as a community building, garden, courtyard, barbeques, and picnic area. The project is designed to meet LEED for Homes Gold standards, with solar energy production and a greywater system designed to meet 100% of the property’s irrigation needs. This project, which is also recipient of USDA Rural Development funds, received an award of $276,000 from FHLBank San Francisco.

HACSB’s Chief Executive Officer Denise Wise said, “This Housing Authority partnership with Montecito Bank & Trust contributes significantly to our efforts to provide affordable housing in an increasing costly Ventura rental market. These AHP funds will assist our community in housing agricultural workers and provide seniors a comfortable, affordable home for years to come.”

The HACSB is the largest residential landlord in the City of Ventura, with 376 public housing units, more than 1,500 Section 8 vouchers, and over 450 non-profit affordable rental units. The agency is actively working to increase the supply of affordable housing and to improve the quality of life for hundreds more of the low-income residents throughout the City of Ventura.

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