Annual Meeting Highlights
Ventura County Housing Trust Fund (VCHTF) held its Annual Board Meeting on Wednesday, January 28th. In addition to the Board members, we were pleased to have 19 additional community members attend to find out more about VCHTF.
CHANGES IN THE BOARD OF DIRECTORS
New Faces on the Board
Donna Sepulveda-Weber, Vice President of Major Accounts at Stewart Title of California was enthusiastically voted to join the VCHTF Board. With over 30 years in the title insurance business, Donna will be a valuable addition to the Board of Directors. Donna has a Business Management and Administration degree from Whittier College, 8 years of technical experience in the title business and 25 years in Commercial-Industrial Subdivision and Lender sales. She is a strong believer in community involvement. Not only does she belong to the Robert Morris Association (RMA), BIA (Building Industry Assn.), SMC (Sales and Marketing Council), and VCEDA (Ventura County Economic Development Assn), she also started a marketing group with a colleague, consisting of 14 CEOs or owners in various fields of business related to real estate. They share ideas and keep up-to-date on things in their industry. For 10 years Donna chaired the golf tournament FORE Children, which benefits children who have experienced child abuse and neglect. Donna and her husband still volunteer their time for the tournament. Donna is also the Secretary on the Executive Board for the Ventura County Medical Resource Foundation (VCMRF), along with serving on the Camarillo Health Care District Administrative Community Leaders Advisory Panel. In addition to her love of people, she is passionate about animals. Donna volunteers her time at the Ventura County Ojai Humane Society. She rounds all this out with a fun group called the Bloomin’ Thyme Garden Club.
Joe Vacca, the new Interim Community Development Director at the City of Camarillo has replaced Dave Norman on the Board, after Dave transferred to the Assistant City Manager position. Joe was previously the Assistant Community Development Director for Camarillo. He has a Master’s degree in Urban Planning/Environmental Studies/Geography from California State University Northridge and over 15 years of experience as a Planner for the cities of San Dimas and Moorpark. Joe is an active member of the American Institute of Certified Planners and the American Planning Association. In his free time, Joe is an active leader with Boy Scouts of America and also serves as a volunteer youth basketball coach.
In Appreciation
After three years of dedicated service to VCHTF, Elisabeth Paniagua stepped down as Board member due to her growing responsibilities to the Community Development Department in the City of Santa Paula.
New 2015 Board of Directors
Click here for: Current 2015 Board of Directors
LOAN PROGRAM HIGHLIGHTS
Current (NOFA) Notice of Funding Availability
With recommendation from the Underwriting Committee, the Board of Directors invited two organizations to submit full applications for funding. The two potential projects are:
City of Santa Paula Housing Authority (Citricos de Santa Paula) – Located at 112 S. 12th Street, eleven units and a clubhouse are planned for affordable senior living.
Area Housing Authority of the County of Ventura (Walnut Street Apartments) – Located at the corner of Walnut and Everett in the City of Moorpark, a 27-unit multifamily rental housing targeted for very-low income households.
Change in Loan Application Process – NOFA to Open Funding
With recommendation from the Underwriting Committee, the Board of Directors voted to change the process by which it accepts loan applications. Previously, VCHTF operated on a NOFA system where developers would submit applications for funding only during a specific period of time in response to an issued NOFA. While this method has its advantages, it potentially limits the pool of applicants if the timing of a potential project does not match. In order to keep the funds flowing and be able to consider more potential projects, the Board approved a change to an open funding process.
Applications will be received, evaluated and funded year-round as finances allow, on a first-come basis. All documents can be found on our website. The evaluation process will be the same.
Click here for: Loan Information and Documents
Other Loan Items Discussed
VCHTF loans need to create NEW affordable housing units.
Priority is given to projects for farmworkers, veterans, homeless, youth transitioning out of foster care, and those at the lowest income level, but we will continue to consider and fund projects outside of our funding priorities (i.e.: seniors).
Although all past loans have been to non-profit developers, VCHTF encourages for-profit developers to consider loans for projects that meet the criteria.
The Board will be examining how VCHTF loan products can help prevent affordable units from transitioning to market-rate.
GOALS FOR 2015
The Board agreed on the following goals for 2015:
Raise the remaining $250,000 needed to receive the full State Prop. 1C $2M matching grant.
Fund and close escrow on at least six new loans. All State grant funds must be loaned out by June 2016.
Continue the application process to become State CDFI (Community Development Financial Institution) certified under COIN (California Organized Investment Network) and federally certified as a CDFI.
There are many ways to help VCHTF.
Click here for: Ways to Help VCHTF
STATE OF HOUSING IN VENTURA COUNTY
Preliminary findings from a recent draft of the Ventura County Apartment Market Survey prepared annually by Dyer Sheehan Group, Inc. was presented. This is a report of housing market and availability in Ventura County. Apartment vacancy rates were found to be very low at 2.65%. The average monthly rent for all apartments was $1,620; a 2-bedroom apartment was $1,725. This is high compared to the wages in the County. The average rent was up 5.4% County-wide over last year (Oxnard up 6.9%; Ventura up 7%). These rates exceed inflation. The rate change is even more severe in certain product types and cities, as high as 9%. There is a serious gap in the County between the supply of rental housing and need. Although there appears to be a surge in new apartment housing, these projects have been in the pipeline for many years and are now being built due to unique circumstances where all the factors come together making it worthwhile to build. Because there is only a 1% growth rate in VC; new housing is needed not for an influx of people moving into the area, but for those already here.
Click here for: Download Complete Report