Cabrillo Economic Development Corporation for Paseo de Luz
Location: Oxnard, CA
Loan Amount: $605,000
Loan Type: Interim Development
Project Description: Paseo De Luz is a 25-unit supportive rental project consisting of one bedroom units for households at 30% AMGI for people with mential illness. This loan was used to bridge final construction draws while awaiting final cost certification of the project.
This loan was used to bridge the final payment of HUD Section 811 capital that will not be released until final certification. Paseo de Luz is a 25-unit supportive housing project for people with mental illness. CEDC is partnering on this project with the Ventura County Behavioral Health Department, who will provide residential treatment services and an on-site manager, while CEDC will manage the property.