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Ventura County Community Development Corporation
The Ventura County Community Development Corporation (VCCDC), a CDFI affiliate of Cabrillo Economic Development Corporation (CEDC), was incorporated in June 2001 with the mission, “to undertake community development activities that will revitalize neighborhoods by stimulating investments.” VCCDC was created to address the growing affordability gap facing very-low, low and moderate-income families living in Ventura County looking to purchase a home. To address this need, VCCDC lends amortized and deferred subordinate loans to families through capital raised from financial institutions, intermediaries, foundations, municipalities, and state and federal government.
In 2004, VCCDC received certification as a Community Development Financial Institution (CDFI) from the Department of Treasury. A certified CDFI is a specialized financial institution that works in market niches that are underserved by traditional financial institutions. As a certified CDFI, VCCDC is provided with the opportunity to have access to more capital to provide gap financing to underserved populations. In 2005, as a result of VCCDC becoming a CDFI, CEDC made a determination to transfer all CEDC NeighborWorks Homeownership Center (HOC) activities to VCCDC. The relationships built through the HOC were transferred to VCCDC.
The HOC was established to assist people in Ventura and Santa Barbara counties to successfully purchase and retain a home. Launched on a smaller scale in 1998, the HOC extended its services countywide in September 2001 when it joined the NeighborWorks® Network run by NeighborWorks® America, a national intermediary serving community development corporations. Since its inception, the HOC has provided education, counseling and/or lending services to more than 7,035 households preparing to purchase a home and/or more recently retaining homeownership. In addition, as a result of homeownership preparation, the HOC assisted approximately 658 families to move into homeownership.
Full Cycle Lending
VCCDC is considered a full cycle lender. This strategy includes more than just lending. Lower-income buyers are supported throughout the home ownership process—beginning with home buyer education, counseling, down payment assistance and consulting for first-time buyers, and if a situation should arise additional counseling is provided for troubled borrowers struggling to remain in their home.
NeigborWorks® Full-Cycle Lending is a system that enables local partners, including lenders, insurers, construction specialists, government agencies, and nonprofit NeighborWorks® organizations to work together in providing homeownership opportunities for families who might not qualify for – or know how to obtain – conventional mortgages.
