Housing Trust Fund Ventura County has been awarded $5 million in matching money from the Local Housing Trust Fund (LHTF) program by the California Department of Housing and Community Development (HCD).
The grant is a result of the nonprofit’s ability to raise $5 million in local funding to receive the 100% match from the California State Prop 1 matching grant program.
The money brings Housing Trust Fund Ventura County’s Prop 1 award total to just over $14 million, which, through the development of safe and affordable housing, will positively impact the lives of farmworkers, veterans, low-income seniors, cognitively impaired individuals, people experiencing homelessness, transitional age foster youth, and extremely-low and low-income individuals and families.
The Housing Programs and Veterans’ Loans Bond, also known as California’s Proposition 1, includes the 1:1 fund matching Local Housing Trust Fund (LHTF) program, providing funding to Housing Trust Funds for the development of rental housing with a focus on low to extremely low-income housing units.
The program affords the opportunity for applicant agencies to apply for up to $5 million per year for five years totaling a potential of $25 million. Housing Trust Fund Ventura County has now received $14,019,387 from this program which began in 2020.
“Prop 1 continues to be an invaluable resource to provide the affordable housing Ventura County residents need,” said Linda Braunschweiger, CEO of Housing Trust Fund Ventura County. “We’re committed to making housing affordable for more residents and we worked hard to earn the Prop 1 match as part of that commitment.”
The award is eligible for use within Camarillo, Moorpark, Port Hueneme, Oxnard, and unincorporated areas of Ventura County only.
Housing Trust Fund Ventura County successfully raised this round’s $5 million local match through support of sponsors, donors, grants, loan repayments and its record-setting Compassion Campaign fundraising event.
The nonprofit’s successful investment vehicle – Everyone Deserves a Home Community Impact Note, has also attracted investors from both the public and private sectors.
“Affordable housing is an ongoing fight, but we are very proud of the work we do each year,” said Tracy McAulay, Housing Trust Fund Ventura County Board chair.
“These funds will be used to build apartments and houses throughout the county, giving many of our neighbors the new, safe, quality homes they deserve,” McAulay said.
This year Housing Trust Fund Ventura County was eligible for a match in the full amount of $5 million. The organization is now looking to 2024 to ensure that the $5 million Prop 1 funds are fully matched through the program’s sunset next year.
In anticipation of the program’s end and with the continued need for affordable housing, Braunschweiger has coordinated with other local housing trust funds in California to advocate for extending Prop. 1 programs, including the Local Housing Trust Fund Match program, through Assembly Bill 1657.
To support the program in Ventura County, visit 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 here.