NeighborWorks Capital is pleased to provide a $1,190,000 renewal of People’s Self-Help Housing’s land acquisition loan to allow more time to secure additional funding to finance the construction of Fillmore Terrace Apartments, a 50-unit affordable housing development for families located in Fillmore, Ventura County, California.
Despite the high demand for affordable housing in the area, People’s Self-Help Housing has faced significant challenges in securing LIHTC awards and gaining support for this development due to the project’s affordability and the required zoning changes associated with it. As a result, the organization has engaged in advocacy around rural set-aside competition and has begun pursuing soft financing to improve its competitiveness for future LIHTC awards that it plans to apply for. This loan renewal will help the organization secure LIHTC or alternative sources to complete the capital stack for the development.
People’s Self-Help Housing was founded in 1970 and is the longest-serving nonprofit housing organization on California’s Central Coast. Its mission is to build affordable homes with site-based supportive services that create opportunities for residents and strengthen local communities. The organization serves low-income working families, farmworkers, seniors, veterans, individuals with disabilities, and people experiencing homelessness, and develops a range of housing types including rental apartments, townhomes, single-family homes, and self-help owner-built housing. Its self-help homeownership program has enabled more than 1,200 households to construct their own homes, supporting long-term affordability and asset building.
This is the sixth loan with People’s Self-Help Housing since our partnership began in 2018. We look forward to continuing our relationship so that the organization can continue to carry out its mission for the communities that it serves.
