The DOF was pleased to make a $125,000 pre-construction loan to Cabrillo Economic Development Corporation in Ventura, CA to advance a 25-unit supportive housing development, known as Paseo du Luz, for very low-income people with psychiatric disorders. This early stage loan helped advance a $9.68 million project.
The mission of Cabrillo Economic Development Corporation (EDC) is To provide comprehensive housing services, through a community building approach, that facilitate self-sufficiency for individuals and families who are most lacking in opportunity in Ventura and Santa Barbara counties and adjacent areas in Los Angeles county. The DOF made a $125,000 pre-development loan to Cabrillo EDC to help pay for project design, engineering, filing fees and other pre-construction soft costs associated with development of Paseo de Luz, a 25 unit $9.7 million housing project that will serve very low income individuals with psychiatric disorders in Ventura. On-site support will be provided by Ventura County Behavioral Health Department. Cabrillo EDC owns the land and has secured project construction funding from city, county and federal sources, to be used to repay The DOF’s loan.
The repayment of this loan has been structured in a flexible way so the borrower can repay upon receipt of construction funding or the loan will be amortized evenly over five years in the event there are unexpected delays or timing issues with receipt of the construction financing. This flexibility is characteristic of the DOF’s approach to assisting housing development.