Housing Trust Fund Ventura County has been awarded $5.1 million from the Southern California Association of Governments (SCAG) as part of the Regional Early Action Plan (REAP 2.0).

The funding will support the development of the Housing Trust Fund Ventura County’s Revolving Long-Term Loan Program for Infill Affordable Housing Developments.

The program will establish a long-term loan program and will increase the nonprofit’s lending capacities by offering residual receipts loans that will extend 15-18 years.

The grant includes $500,000 for Housing Land Trust Ventura County to create policies and procedures and to support marketing, legal, and community outreach. 

Additionally, grants totaling $150,000 have been received from U.S. Bank, Mechanics Bank, and First Citizens Bank.

“With SCAG’s support, we can now offer long-term financing tools that truly meet the needs of affordable housing developers. These new loans will allow us to increase the depth and duration of our impact, unlocking more units, in more neighborhoods, for longer,” said Linda Braunschweiger, CEO for Housing Trust Fund VC.

“This is about creating housing that stays affordable for generations,” she said.

“We are proud to support Housing Trust Fund Ventura County as they expand innovative financing strategies aligned with the goals of REAP 2.0,” said Kome Ajise, executive director of SCAG.

“This program exemplifies the kind of lasting, community-rooted investment we envision, that accelerates housing production to benefit everyone in the region. Partnerships like this move Southern California forward,” Ajise said.

First Citizens Bank has awarded Housing Trust Fund VC a $20,000 grant as part of their Community Benefits Plan, a five-year plan focused on lending to and investing in low- and moderate-income communities and neighborhoods of color.

Mechanics Bank has awarded a $30,000 Operational Grant to Housing Trust Fund VC for operations and to support the Long-Term Loan Program for Infill Affordable Housing Developments.

U.S. Bank has awarded two Community Possible HOME grants worth $50,000 each to both Housing Trust Fund VC and Housing Land Trust VC.

Combined, the grants totaled $150,000 and will support the organizations with operations as they continue their commitments to help increase affordable housing options throughout Ventura County.