Housing Trust Fund Ventura County announced this week that it applied for California Proposition 1 matching funds from the CA Department of Housing and Community Development (HCD), the agency responsible for fund disbursement. Housing Trust Fund VC has raised $5 million locally with the goal of bringing $10 million to the county for affordable housing developments through the Prop 1 matching grant program.
The Housing Programs and Veterans’ Loans Bond, also known as California’s Proposition 1, is a 1:1 fund matching grant program that provides funding to Housing Trust Funds for the development of rental housing with a focus on low to extremely low-income housing units. It provides up to $5 million per year for five years totaling $25 million, with the potential of doubling to $50 million through local matching funds.
“Locally, our job was to raise $5 million so we could fully leverage Prop 1 during its inaugural year,” said Linda Braunschweiger, CEO of Housing Trust Fund Ventura County. “We did just that. Thanks to wonderful supporters and wise Board leadership we now expect to have $10 million available from the first funding round for increased affordable housing development in Ventura County, which is needed now more than ever.” Braunschweiger refers to the current COVID-19 environment and the resulting high unemployment rate, which has a trickle-down effect of housing becoming increasingly unaffordable for too many. Currently, the nonprofit has a pipeline of projects throughout the county for which developers are requesting $15 million over the next two years. As a short-term lender, Housing Trust Fund VC plans to utilize Prop 1 grant funds for acquisition and construction lending of affordable workforce housing.
Housing Trust Fund VC successfully raised this round’s $5 million local match through support of sponsors, donors, grants, loan repayments and fundraising events. Most recently Wells Fargo Bank donated $30,000, the County of Ventura confirmed a $300,000 three-year grant, and support continues from all 10 cities. Over $1 million comes from PLHA (Permanent Local Housing Allocation) where $75 of every local real estate transaction goes towards increasing the supply of affordable housing in Ventura County. Other major funding includes the US Department of Treasury CDFI program, HOPE Foundation, McCune Foundation, Lluella Morey Murphy Foundation, Weingart Foundation, Brokaw Nursery, Leavens Ranches, Lloyd-Butler Ranch, City National Bank, Mechanics Bank, Pacific Western Bank, Union Bank, Legado Family Companies, and Sage Publishing. Housing Trust Fund VC raised another $145,000 through two fundraising events, including its unique, completely virtual, weeklong, “Everyone Deserves a Home Compassion Campaign”(www.housingtrustfundvc.org/compassion-campaign).
“I’m so pleased that our community sees the value in supporting affordable housing,” commented Housing Trust Fund VC Board Chair Jennie Buckingham.
To support affordable workforce housing in Ventura County go to, www.housingtrustfundvc.org/donate-now.
Developers interested in receiving a loan may visit www.housingtrustfundvc.org/funding-programs and review the Program and Loan Underwriting Guidelines. A list of projects that have received first phase approval are also available on the website at www.housingtrustfundvc.org/housing.