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OXNARD, Calif., Oct. 03, 2019 (GLOBE NEWSWIRE) -- With community leaders and public officials, the Federal Home Loan Bank of San Francisco celebrated the grand opening of Ormond Beach Villas today, a $22 million project developed by Many Mansions to create 40 affordable homes for veterans and their families.
FHLBank San Francisco awarded the project a $390,000 Affordable Housing Program grant through Bank member MUFG Union Bank, NA.
“We are very proud and pleased that we are opening Ormond Beach Villas Apartments,” said Rick Schroeder, President of Many Mansions. “This is Many Mansions’ newest affordable housing community and one of Ventura County’s only dedicated permanent affordable housing exclusively for very low-income veterans and their families. Our veterans who fought for our freedom and our way of life should not face civilian life without a home. We are grateful that FHLBank San Francisco can continue its support for affordable housing by being a financial partner in the development of this special property.”
In addition to the grant from FHLBank San Francisco, the project also received funding through state and private entities, including the City of Oxnard, the State HCD Veterans Housing and Homelessness Prevention Program (VHHP), and the Home Depot Foundation, and residents will have additional support from the Oxnard Housing Authority Project-Based Section 8 Vouchers.
“Since 1979, Many Mansions has played an integral role in the development of affordable housing in Ventura County. Affordable housing is more than being able to provide safe, cost-accessible places to live, it’s about creating stability, providing opportunities, and building strong communities,” said Congresswoman Julia Brownley (D-CA). “The Ormond Beach Villas project is especially near and dear to my heart because it will serve our local veterans and their families and will bring us one step closer to eliminating veteran homelessness in our county. This project is the result of a collaboration among many partners, including Many Mansions, the Federal Home Loan Bank of San Francisco, the U.S. Department of Housing and Urban Development, and the Oxnard Housing Authority. I am grateful for all of their good work, and I will continue to fight to support federal programs that make projects like this a reality.”
Ormond Beach Villas will offer a range of services to residents in partnership with LA Family Housing and the Boys and Girls Club of Greater Oxnard and Port Hueneme. The development also has a playground, community room, community garden, and onsite laundry.
“Providing affordable housing for veterans is a critical need in our communities, and this project is designed to address that need in a comprehensive way, providing support services and amenities that will truly address the unique circumstances facing veterans and their families,” said Greg Seibly, President of FHLBank San Francisco. “We are pleased to see our AHP dollars put to such good use, to improve the quality of life for veterans and their families, who have sacrificed so much for us.”
FEDERAL HOME LOAN BANK OF SAN FRANCISCO
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions–foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.