THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Representatives from Many Mansions and U.S. Bank, along with legislators and local officials will gather tomorrow to celebrate the grand opening of the Hillcrest Villas in Thousand Oaks. Hillcrest Villas is U.S. Bank’s first partnership with Many Mansions, and the largest new construction affordable housing project in Thousand Oaks in almost 30 years.
The grand opening event will take place on Thursday, April 25 from 4 p.m. until 6 p.m., with the program beginning at 5 p.m. Hillcrest Villas is located at 2672-2736 E. Hillcrest Drive, Thousand Oaks, Calif., 91362.
U.S. Bank provided more than $24.3 million in financing to help Many Mansions develop the property, including $12.4 million in financing from its Community Lending Division, more than $11.4 million of Low-Income Housing Tax Credit equity through U.S. Bancorp Community Development Corporation, the community investment arm of U.S. Bank, and an Affordable Housing Program grant for the benefit of the project.
“We are proud to partner with Many Mansions to provide quality affordable housing and services for those in our community who are most in need, including individuals and families who live on extremely fixed incomes, who are living with a disability, and who are homeless or at risk of being homeless,” said Sebastian Glowacki, vice president for U.S. Bancorp Community Development Corporation. “We applaud Many Mansions' mission-driven business model and their dedication to serving those in our community who are most vulnerable. Quality housing coupled with enhanced programming makes Hillcrest Villas an ideal place to call home.”
Designed in an Italian villa style, Hillcrest Villas is set out in five residential buildings with a separate community building, where Many Mansions will offer complimentary residential service programs for those interested, including its Homework Tutoring Club, Camp Many Mansions, and a variety of adult services.
The City of Thousand Oaks, the County of Ventura, California Housing Finance Agency, and the State of California also provided funding, including HOME funds and an allocation of tax credits, which generated the capital needed to subsidize the development, allowing units to rent at below-market rates. The Mental Health Services Act (MHSA) program, which also raised funds, is subsidizing rent and expenses so that people diagnosed with a mental disability are able to live, work, learn and participate fully in their communities.
“We are very proud and honored to be supported by U.S. Bank and its affiliates in this project,” said Rick Schroeder, president of Many Mansions. “Hillcrest Villas will serve those in our community most in need of safe, decent, and affordable housing. We can only address this need with strong community partners, such as U.S. Bank. We look forward to continuing to work with U.S. Bank – not just at Hillcrest Villas – but in other affordable housing projects throughout Southern California.”
U.S. Bank has been active in supporting affordable housing in southern California. In October 2012, U.S. Bank received the Financial Supporter of the Year award at the Southern California Association of Non-Profit Housing (SCANPH) conference in Los Angeles, one of the largest affordable housing conferences in the country.
U.S. Bank was honored for its support of organizations that encourage the purchase, preservation, rehabilitation, and construction of affordable housing through direct lending, tax credit investments, partnership with investment lending programs, grants or volunteer support of affordable housing nonprofits in Southern California.
About Many Mansions
Many Mansions is a nonprofit affordable housing and service provider. Its mission is to develop affordable housing in Ventura County and the surrounding communities of the Conejo Valley. Many Mansions also seeks to provide 'life enriching services' for our residents. This includes programs for our adult and children population aimed at breaking the 'cycle of poverty' through education and enrichment. For the adults, Many Mansions is the County's leading provider of permanent supportive housing for persons who are homeless and have a disability.
About U.S. Bancorp Community Development Corporation
With more than $10.9 billion in assets as of March 31, 2013, U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank Community Lending Division
U.S. Bank provides hundreds of millions of dollars of financing every year for the development of affordable housing in communities all across the United States. U.S. Bank customers are both for-profit and non-profit developers who are bringing to life a full range of multi-family living for both individuals and families. Together with these partners, U.S. Bank is helping to address the shortage of affordable housing that exists in nearly every state where we do business.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $355 billion in assets as of March 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,080 banking offices in 25 states and 5,056 ATMs. The bank provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
