LOS ANGELES AND VENTURA COUNTY – 01-16-2020 (PRDistribution.com) — The California Department of Housing and Community Development awards $24 million to Many Mansions for affordable multifamily housing developments
THOUSAND OAKS, Calif. – To help address one of California’s greatest health crisis, Many Mansions, a nonprofit affordable housing and service provider located in Thousand Oaks announced that the State of California’s Department of Housing & Community Development (‘HCD’) recently awarded Many Mansions a total of $24 million for the purpose of developing new affordable housing to help address California’s housing crisis. The award, under the State’s Multifamily Housing Program (‘MHP’), was for three affordable housing development projects: Sun King Apartments in Sun Valley (24 units for homeless families); La Guadalupe in Boyle Heights (44 units, a joint venture with Azure Development for homeless and chronically homeless families); and Mountain View Apartments in Fillmore (77 units, a joint venture with the Area Housing Authority of the County of Ventura is workforce housing for lower-income families).
Commenting on the awards Alexander Russell, Executive Vice President of Many Mansions, said “this funding will give a home to 147 families that are living on the streets or in substandard/overcrowded housing. With community support, these families will also receive services such as tutoring and college scholarships for the kids and life skills and job training for the adults so that they can build a brighter future.” While construction schedules vary, it is anticipated that Mountain View in Fillmore will start construction in the late summer of 2020, Sun King in Sun Valley will break ground in the fall of 2020, and the La Guadalupe development in Boyle Heights will begin in the spring of 2021. These program awards were made possible by the Veterans and Affordable Housing Bond Act of 2018 (Prop. 1), approved by California voters in 2018. These bonds designated $1.5 billion to assist with the new construction of affordable homes as well as the acquisition, rehabilitation, and preservation of permanent and transitional rental housing for low-income households.
About Many Mansions: Many Mansions is a nonprofit affordable housing and service provider. The organization builds affordable housing for those most in need in our community. Upon completion of the housing communities, Many Mansions manages the apartment homes and provides critical services such as free after-school programs, summer camp, scholarships, job training and much more for its residents.
Many Mansions owns and operates 17 affordable housing complexes (with nearly 600 units) in Ventura County. The organization also has a number of new affordable housing communities now in development in Fillmore, Camarillo, Moorpark, Oxnard, and throughout Los Angeles County.
Company Name: Many Mansions
Full Name: Bambi Hosaka
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