A non profit agency established to help build affordable housing in Ventura County has made its very first loans for new projects.
The Ventura County Housing Trust Fund awarded $750,000 in financing for three projects.
$300,000 will go towards construction of the Citrus Grove project, a six unit development for low income seniors in Santa Paula. $250,000 will go to the San Buenaventura Housing Authority, for the purchase, and conversion of existing housing units to affordable housing. And, the San Buenaventura agency will get a $200,000 loan for pre-development costs for the Castillo del Sol Apartments, a proposed 40 unit affordable housing complex in Ventura.
The Trust fund is intended to provide a pool of loan money for affordable housing in the county. As loans are repaid, the agency will continue to fund projects which make more affordable housing available.