The McCune Foundation and the Housing Trust Fund Ventura County are pleased to announce a partnership between the two organizations in support of their mutual missions. The McCune Foundation is providing a $250,000 loan to the Housing Trust Fund to help finance affordable housing developments in Ventura County. The Housing Trust Fund’s $4 million Revolving Loan Fund makes below-market rate loans for the development of affordable housing. The five-year loan from the Foundation will be leveraged with a matching grant from the State of California, Proposition 1C (Housing and Emergency Shelter Trust Fund Act of 2006) Local Housing Trust Fund Program.
“We made an initial loan to the Trust Fund in 2014 and were very pleased with the housing projects that received support,” said Claudia Armann, the Foundation’s Executive Director. “By investing a portion of our endowment to help address the housing crisis, we can expand our impact beyond the $800,000 in annual grants we award for community organizing projects.”
Linda Braunschweiger, CEO of the Housing Trust Fund stated, “leveraging the Foundation monies with the State’s Prop. 1C grant doubles the impact to create new affordable housing units desperately needed in our high cost housing market. As the loan is repaid, both the Foundation funds and the State funds will circulate through the revolving loan pool, thereby becoming available for loans to other worthwhile housing projects and helping both organizations to pursue their missions.”
“This five-year loan from our endowment will carry a two percent interest rate – comparable to our past investments in stock market bonds,” Claudia Armann said. “Many other community institutions have endowments and might also consider redirecting some of their investments to projects that support their communities.”
“Today developers and funders of affordable housing must be creative and develop new partnerships to access capital not previously leveraged for affordable housing. This partnership is a great example of bringing new dollars to the table to help fill the gap left by drastic cuts in traditional Federal, State and local housing funding sources,” said Linda Braunschweiger.