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The Ventura City Council will consider on Tuesday whether to issue tax-exempt bonds for a 57-unit affordable housing project near Ventura College. The project would have 29 units set aside for farmworkers.
College Community Courts, 4300 Telegraph Road, will have 14 one-bedroom units, 28 two-bedroom units and 15 three-bedroom units.
“It’s important to clarify the city is not making an award or commitment of financing at all,” said Veronica Z. Garcia of People’s Self-Help Housing, the nonprofit site developer. “This is just a public hearing that has to be held before tax-exempt bonds can be issued for the project.”
People’s Self-Help Housing will lease the property from the United Methodist Church, which owns the property. The nonprofit developer will also serve as future property manager and resident-services provider.
A few empty structures used for storage are currently on the site and will be demolished, Garcia said.
People’s Self-Help will enter a 99-year ground lease when it closes construction financing. The church selected the nonprofit as the developer in 2021, said Katherine Aguilar, the nonprofit’s director of multifamily housing development, in an email.
Why is this hearing being held?
The hearing is required under the Tax and Equity Fiscal Responsibility Act to issue no more than $35 million in bonds to finance and refinance the acquisition, construction and development of the project, according to a staff report.
The California Municipal Finance Authority will issue the bonds to borrower College Community Courts LP, or limited partnership, and People’s Self-Help is a general partner and partial owner, Garcia said.
Council members will vote on whether to adopt a resolution to approve the California Municipal Finance Authority’s issuance of the bonds.
“We’re excited to provide housing for very-low and low-income individuals and families through the People’s Self-Help Housing Corporation’s project,” said Leona Rollins, housing services manager for Ventura.
The project will have an on-site childcare center, operated by the Child Development Resources of Ventura County, Rollins said.
The project will have units for families earning about 30% to 60% of the area median income and one manager’s unit. In Ventura County, the area median income is $125,600 for a family of four, according to the most recent state figures.
When will the project be completed?
Construction is scheduled to start in February 2025 and be completed in February 2027, Aguilar said.
Total development costs are estimated to be $44 million, she said. Housing Trust Fund Ventura County provided a $1.5 million predevelopment loan, said Linda Braunschweiger, CEO of the nonprofit.
The future address of the property will be Baylor Drive.
Wes Woods II covers West County for the Ventura County Star. Reach him at wesley.woodsii@vcstar.com, 805-437-0262 or @JournoWes.