“The award will allow CEDC to build 22 units of much needed affordable housing, and to provide essential services for the residents. The project is currently under construction so the award will help with the construction costs of the development,” said Eduardo Espinosa, Cabrillo’s Director of Real Estate Development.
Affordable Housing Program grants are awarded through a competitive application process to Federal Home Loan Bank of San Francisco members working with housing developers or community organizations to create rental or homeownership opportunities for lower-income households. Cabrillo collaborated with FHLBSF Bank member City National Bank on the grant application.
Snapdragon Place Apartments Phase II is one of 70 projects to receive a total of $65.9 million in AHP grants through 23 member banks. Combined, the projects will create more than 6,000 units of affordable housing in seven states.
“We are pleased that AHP funding can support Cabrillo Economic Development Corporation’s efforts to create more affordable housing in Ventura,” said Marietta Núñez, Vice President and Community Investment Officer at FHLBank San Francisco. “This development will make a difference in the lives of low-income families and individuals who will reside there, especially the formerly homeless veteran households that will receive valuable services, as well as a home at Snapdragon Place Apartments.”
Cabrillo is developing Snapdragon Place Apartments Phase II in partnership with the Housing Authority of San Buenaventura, which will serve as the property management company.
Snapdragon Place Apartments is a new construction development located on Snapdragon Street and Los Angeles Avenue in East Ventura. Cabrillo completed Phase I of the project, which included 28 units for farmworkers, in 2015. Phase II will provide another 22 homes.
Phase II will consist of five two-story buildings enclosing a landscaped interior courtyard. The unit mix includes four one-bedroom homes (640 square feet), 10 two-bedroom homes (958 square feet), and eight three-bedroom homes (1,177 square feet).
The development will include 11 special needs units, with four one-bedroom units reserved for homeless veterans through the Veterans Affairs Supportive Housing program and seven non-VASH units. All units, except for the manager’s unit, will have Section 8 vouchers for families and individuals with incomes between 30 to 60 percent of the area median income.
“Cabrillo has been integrally involved in project planning and design, project development, property management, and project financing for this development,” said Espinosa. “With over 30 years of experience as an affordable housing developer, Cabrillo is excited to receive the AHP funding award for its latest affordable housing development. The funds will help Cabrillo continue its mission of providing affordable housing for the residents of Ventura County.”
About the Cabrillo Economic Development Corporation:
Cabrillo Economic Development Corporation’s mission is to provide comprehensive housing services and community economic development activities through a community-building approach that facilitates self-sufficiency for individuals and families who are most lacking in opportunity in Ventura and Santa Barbara counties, and adjacent areas of Los Angeles County. Incorporated in 1981, Cabrillo’s early roots were in response to a farmworker community’s demand for secure housing. Although this continues to be important, today there is a more widespread need for affordable housing in this region. As such, Cabrillo now provides housing for low- to moderate-income residents and families, including farmworkers, seniors, veterans and individuals with special needs.
About the Federal Home Loan Bank of San Francisco:
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community programs that help members create affordable housing and promote community economic development. The bank’s members are headquartered in Arizona, California, and Nevada and include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.