THE “REVOLVING LOAN FUND” PROGRAM The Ventura County Housing Trust Fund provides below-market interest rate loans to developers who create new affordable housing within Ventura County. Eligible projects include:
New construction of affordable housing
Acquisition and conversion of market rate housing to affordable housing
Acquisition and conversion of non-residential properties to affordable housing
Loans are awarded for:
Pre-development, gap financing, and/or construction of multi-family projects.
Generally, but not exclusively, short-term (3 to 5 years)
Minimum amount $50,000; maximum amount $2M
Projects with a long-term affordability requirement (30 to 55 years)
Priority is given to projects that serve:
Veterans, homeless, farm workers, and young adults transitioning from foster care;
Families and individuals at the lowest income levels;
Residents from contributing jurisdictions.
Eligible applicants for funding include for-profit, non-profit and public agency developers of housing in Ventura County that is affordable to individuals and families of low income, or below. No funding is awarded directly to clients in need of housing. As the loans are repaid by loan recipients from construction financing, permanent financing, etc. the funding is available to loan to other eligible applicants and projects.
THE LOAN PROCESS In January, 2015 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. The evaluation process will be the same:
Submit a preliminary application
VCHTF review and invitation for full-application
Submit a full application
VCHTF application approval and underwriting review