Grand opening celebrates 60 new affordable housing options in
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Apr. 24, 2013--
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.
U.S. Bank provided more than $24.3 million in financing to bring 60 affordable housing units to Thousand Oaks (Photo: Many Mansions)
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
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
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
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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130424005179/en/
Source: U.S. Bancorp
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, firstname.lastname@example.org