The Westview II units are located in Ventura.
Housing Trust Fund Ventura County (Housing Trust Fund VC) announces two, $1 million lines of credit (LOC), one each from Community West Bank and Mission Bank. The funds will be used as part of Housing Trust Fund VC’s Everyone Deserves a Home revolving loan fund, a community impact note that provides flexible, below market interest rate loans for the development of affordable housing in Ventura County. Three upcoming developments that will receive funding are a new pre-development loan for Fillmore Terrace being developed by Peoples’ Self-Help Housing Corporation (PSHHC), a GAP loan for Mesa Ojai being purchased by Mesa, and a construction loan to the Housing Authority of the City of San Buenaventura (HACSB) for Westview II.
The LOCs provided by Community West Bank and Mission Bank join a pool of funds from other public and private investors, sponsors, and donors to provide lending capital in support of Housing Trust Fund VC’s Community Promise of building safe and equitable homes in Ventura County. Brian Schwabecher, Chief Banking Officer of Community West Bank stated, “Community West Bank is proud to support Housing Trust Fund Ventura County with financing for their housing initiatives, and we’re also honored to help sponsor the Everyone Deserves a Home Compassion Campaign event on May 12.” The nonprofit’s annual fundraiser takes on a unique twist this year as a guest immersive experience shining light on housing equity as told through the lives of connected individuals.
Please visit: www.housingtrustfundvc.org/compassioncampaign2022 to learn more.
The construction loan for Westview II (which will provide 50 homes to low-income and homeless seniors), were pulled from a pool of investments from Bank of the Sierra, Mission Bank and Community West Bank, and were provided to the developers at below market interest rates and reduced fees to help the developments move to the next phase of development.
“We are excited to build on our Community Promise of funding affordable homes with the support of both Community West Bank’s and Mission Bank’s generous lines of credit, which allow us to continue funding impactful developments,” states Housing Trust Fund VC CEO Linda Braunschweiger.
As of April 1, 2022, Housing Trust Fund VC has invested over $22.3 million through its revolving loan fund, creating 870 affordable apartments and homes for very-low, low- and middle-income employees, transitional age foster youth, veterans, farm workers, and the homeless.
