VC Housing Trust Fund recently provided a total of $1,625,000 in three loans for the new Walnut Street Apartment project in Moorpark: a 4-month pre-development loan of $500,000, a 2-year construction loan for $875,000, and a 17-year mini-perm loan for $250,000 (the VCHTF Board of Directors approved this special mini-perm loan to help the developer secure highly competitive CA tax credits). The project is being developed and managed in partnership by two local non-profits: Area Housing Authority of the County of Ventura and Many Mansions.. When completed, the development will provide 24 apartments for low to extremely-low income families earning a mere 30-60% of the County’s median income.…roughly $19,600-$56,040 a year depending on the size of the household.
Located on a former redevelopment site, these apartments will provide much needed housing for very-low income families. This two- and three-story project features 24 units distributed as follows:
It also includes an on-site property manager, elevator, laundry facility, tot lot, community garden, and community room, all wrapped in a beautiful California cottage architectural style. Construction is estimated to be complete by late spring 2018 with 100% occupancy by the end of next summer.
VCHTF applauds the many groups and individuals coming together to support this project, including the other project lenders: City of Moorpark, the partners’ equity, County HOME funds, and Union Bank..
There is a desperate need for this type of low-income family housing. For instance, the comparable Charles Street Apartments located nearby has 20 units and a waitlist of 600 households! According to 2015 census,data over 64,000 households in Ventura County earn 50% or less of the area’s median income: for example a 2-person household earning below $37,400 or a family of four earning below 47,600. But there are currently only about 11,000 of these homes available in Ventura County. The vast majority of families pay far more than prudent for rent, leaving little left for food, transportation, health and other needs.