Proposed Loans Target Rentals

Ventura property owners could get help fixing up rentals for low-income tenants through a proposed $1.6-million city loan program targeting midtown, westside and downtown.

While still in draft form, the Rental Rehabilitation Demonstration Program is intended to provide low-interest loans to property owners within the three target areas who rent to at least 51% of tenants that qualify as low income.

The city program, in partnership with the local housing authority, may help up to 92 units.

“There’s been a demonstrated need in the city to help property owners rehabilitate the westside, midtown and downtown,” said Loretta McCarty, housing planner for the city.

To find which properties need the most help, officials will meet with the community councils from the three areas to gather suggestions. Property owners are also welcome to approach the city on their own, she said.

The loans, with terms ranging from 15 to 30 years, would be funded by a $1.55-million loan from the state Housing Finance Agency and $77,000 in city redevelopment housing reserves. The state loan would be repaid once the property owner has repaid the city loan, at a rate of 4% to 8%, according to the program draft.

The City Council will be asked to accept the state loan within the next few months.

To qualify, low-income residents are defined as earning $33,450 annually for a one-person household, $38,250 for two people, $43,000 for three people, $47,800 for four people and $51,600 for five people.

The freshly refurbished Casa De Anza apartment building on Ventura Avenue is an example of the program’s potential, McCarty said.

The city provided funding to a private developer for the improvements, and the city now leases the ground floor for the Avenue Library.

“We eliminated a blighted building and provided a completely renovated space for the library,” McCarty said.