May 22, 2024
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VC Housing Trust announces $12M for affordable housing

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A rendering of Many Mansions’ Aspire Apartments in Oxnard. (courtesy photo)

Housing Trust Fund Ventura County on May 2 announced $12 million in loan commitments for 492 affordable housing units in Oxnard, Santa Paula and Ventura.

The nonprofit said $7 million of the commitments will be matched by Prop 1 funding. 

The Valentine Road Apartments in Ventura, a Homekey development by the Housing Authority of Ventura, will receive a $5 million construction loan. 

The project will convert a 142-room La Quinta Inn into 134 studio apartments for households experiencing homelessness or at risk of homelessness.

Two developments by Red Tail Multifamily Land Development – Citrus Flats in Santa Paula and Arrive Ventura in Ventura – will each get a $1 million pre-development loan.

Many Mansions’ Aspire Apartments in Oxnard will receive a $5 million construction loan. 

“Ventura County is now the least affordable housing market in the United States,” Linda Braunschweiger, the housing trust’s CEO, said in a press release.

“To see for-profit developers working alongside nonprofits to resolve the housing affordability crisis is a step in the right direction for Ventura County and beyond,” she said.