$2.35 million in loans provided by Housing Trust Fund VC

News Release

There’s a block in Downtown Oxnard, at the corner of Meta Street and 6th Street, that began 2022 as a series of unused buildings, half vacant lots, and an encampment of people who made homes from what they had. In a few years, the Aspire and Central Terrace apartments will bring 173 affordable housing apartments to this block, and the residents who struggled to make shelter in the empty lots will have the chance to find peace within a safe and comfortable home.

Many Mansions is providing homes to more than 173 individuals and families with the development of Aspire and Central Terrace Apartments, an important step towards revitalizing Downtown Oxnard. The buildings, which sit adjacent to each other, are being developed with early low-cost funding from Housing Trust Fund Ventura County (HTFVC). Total funded and committed by HTFVC for these two developments is $2,350,000.

Central Terrace received a $1 million pre-development loan in January 2020 and is well on its way in the construction phase. Aspire Apartments was just approved by the HTFVC Board of Directors at their December Board meeting to receive a $1.1 million land acquisition loan. This is the second loan for Aspire. The first occurred in January 2020 providing a $250,000 early funding pre-development loan.

Aspire Apartments will consist of 56 one-bedroom units and 32 two-bedroom units, including a manager’s unit, for a total of 88 apartments, while Central Terrace will have 86 one-bedroom affordable units and a two-bedroom manager’s unit, for a total of 87 apartments. Both developments will include a community center with service and manager’s offices, a laundry facility, common area kitchenette, and recreational area on the first floor. Uniquely, the second floor of each building will feature an outdoor community green space complete with BBQ and picnic area to help build an inclusive neighborly environment.

Central Terrace began construction in July 2022 on the block across from the Ventura County Rescue Mission. Aspire is set to begin construction soon. Together Central Terrace and Aspire will revitalize the neighborhood and provide housing directly to the area’s unhoused residents with up to 35% of units restricted at 30% AMI to serve families that have been homeless for more than a year. The remaining units will be restricted at 60% AMI or lower to provide low and very low-income housing opportunities for families and individuals.

Ventura County Behavioral Health will provide residents of both buildings with life-enriching services including educational workshops, food assistance, homework tutoring, and a summer camp for children. Central Terrace will feature 3,200 square feet of commercial space with the goal of providing either a free health clinic or similar resident-supportive partnership.

Interestingly, Many Mansions has also acquired the land that sits between Aspire and Central Terrace, which will be developed into a pocket park, the neighborhood’s first publicly accessible community amenity.

“Affordable housing is a fundamental step towards revitalizing neighborhoods,” said Linda Braunschweiger, CEO Housing Trust Fund Ventura County and Housing Land Trust Ventura County. “Both of these apartments will bring families, essential workers, and formerly homeless individuals together where a community will thrive in Downtown Oxnard.”

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