$1.3 Million to Loan in 2015!
Now accepting loan applications from developers creating new affordable housing!
The Ventura County Housing Trust Fund Board recently approved an
open-funding process. This means developers no longer need to wait for VCHTF to issue a NOFA to apply for funds. Instead loan applications for our Revolving Loan Fund are being received, evaluated, and funded year-round as finances allow, on a first-come basis. Of our $2.1 million funding goal this year, $800,000 is expected to close escrow in the next few months. This leaves $1.3 million available to fund additional new affordable housing projects in 2015.
VCHTF’s “Revolving Loan Fund” provides below-market interest rate loans to developers producing new affordable housing in Ventura County. Eligible projects include: 1) new construction, and 2) acquisition and conversion/rehabilitation of market rate housing, or non-residential properties, to affordable housing.
Loans are awarded for:
- Pre-development, gap financing, and/or construction of multi-family projects.
- Short-term, maximum 3 to 5 years
- Minimum amount $50,000; maximum amount $1M
- Projects with a long-term affordability requirements (30 to 55 years)
Priority is given to projects that serve:
- Veterans, homeless, farmworkers, and young adults transitioning from foster care;
- Families and individuals at the lowest income levels.
Click here for more information and to download our loan guidelines and application.
I would love to talk with you about your pending projects and how we might be able to assist.
Sincerely,
Linda Braunschweiger, CEO
Ventura County Housing Trust Fund
805-407-2455