Cabrillo Economic Development Corporation has received grant funds from both the Wells Fargo Foundation and the MUFG Union Bank Foundation in support of its HomeOwnership Center, Resident and Community Services and predevelopment costs for the Etting Road Apartments project.
The $40,000 Financial Empowerment and Community Building Grant from the Wells Fargo Foundation will support Cabrillo’s NeighborWorks® HomeOwnership Center with funds for pre- and post-purchase homeownership workshops; debt management and financial capabilities counseling; and foreclosure prevention.
“Wells Fargo’s support enables Cabrillo’s HomeOwnership Center to continue its counseling services and educational programs, which assists customers in purchasing their first home or preventing foreclosure in our communities,” said HomeOwnership Center Director, Omar Madrigal. Home ownership is the stepping-stone to creating wealth and produces financial opportunities for families whose economic choices would otherwise be limited or unachievable.
These funds also will support Resident and Community Services in expanding services, such as food distributions at additional farmworker properties, increasing the after-school Homework Clubs to two additional properties, plus the purchase of books, school supplies and snacks for the clubs.
“The Resident and Community Services Department hopes to use the grant to help expand the scope and quality of the existing homework clubs,” said Community and Resident Services Director Janice Aharon-Ezer. “Currently homework clubs are at four properties and the goal is to expand to a total of six properties. The plan is to enhance the curriculum so participating student residents can be provided with homework assistance, tutoring, mentoring, and have the opportunity to experience support and guidance to help them achieve academically.”
The MUFG Union Bank Foundation grant is a three-year grant totaling $45,000 ($15,000 each year for three years). These funds will assist with the Etting Road Apartments project, which is an All Affordable Housing Opportunities Program (AAHOP) project site in southeast Oxnard. Funds will be targeted to predevelopment costs, which include legal, engineering and other professional fees related to the feasibility of the project, such as contracting with a loan syndication consultant and commissioning marketing, biological and traffic studies. Cabrillo anticipates that the first year of funding from this grant will go toward the marketing study, financing/syndication consultant and some legal fees.
“The hourly wage needed to afford a two-bedroom apartment in Ventura County is $33.88 per hour, but area renters average only $16.98 per hour. Essential workers, like firefighters, farmworkers, teachers, nurses, young couples, seniors, and veterans must overpay or double up and live in substandard housing, which affects the health, education, and well-being of our families, children and elderly. We are very grateful to the Wells Fargo Foundation and MUFG Union Bank Foundation for their generous contribution to developing Etting Road Apartments,” added Margarita H. de Escontrias, CEO of Cabrillo Economic Development Corporation.