The Housing Trust Fund Ventura County announced a $1 million contribution from Bank of the Sierra on Nov. 30, to fund the nonprofit’s loans to developers who build affordable housing in Ventura County.
The award is designated for the organization’s Everyone Deserves a Home Revolving Loan Fund. The community impact note will be pooled with money from public and private investors to provide flexible, below-market-rate loans to build equitable homes in diverse neighborhoods, the Housing Trust Fund said in a news release announcing the donation.
Bank of the Sierra is based in Porterville and has nine locations in the tri-county region, including four in Ventura County.
The Housing Trust Fund Ventura County also announced a $250,000 investment on Nov. 30 from CBC Federal Credit Union, a Ventura-based credit union with branches in Ventura, Oxnard and Camarillo.
“We are honored investors like Bank of the Sierra and CBC Federal Credit Union see the value in helping to support more affordable apartments and housing in our community,” Housing Trust Fund CEO Linda Braunschweiger said in a news release announcing the grants.
The Housing Trust Fund Ventura County has funded more than $18 million in loans over the past 10 years through its revolving loan fund, creating nearly 850 affordable apartments and homes for very-low, low- and middle-income Ventura County residents, including young adults transitioning out of foster care, veterans, farmworkers and homeless residents.