Banks Turn Out for Housing Trust Fundraiser

Camarillo-based Ventura County Housing Trust Fund recently held its annual fundraiser in — where else? — Camarillo. The nonprofit — which partners with sectors of the public, private, non-profit and business sectors throughout Ventura County to generate and leverage financial resources that helps find and fund housing for disadvantaged youth transitioning from foster care, farm laborers, and members of the veteran and homeless communities — attracted supporters from the local business communities in full force at the event on the campus of California State University – Channel Islands on July 25. Attendees included representatives from key event sponsors City National Bank’s Westlake Village branch, Santa Clarita general contractor Williams Homes and Ventura’s Union Bank location. “Housing Our Future” consisted of a mixer on the green followed by dinner and program at the university’s event auditorium, also remembered as the former California State Mental Hospital facility. Mental and emotional health was a big part of the discussion, as women and single mothers from the Oxnard and Ventura area shared their personal accounts of escaping adversity and finding stability with Housing Trust Fund’s services. “Our focus on housing instability of young adults, particularly youth transitioning from foster care, was a shocking reality to many in our community,” said VCHTF Chief Executive Linda Braunschweiger. “The Trust Fund raised (just) over $50,000, which will be used for operations and to leverage additional funding for our Revolving Loan Fund. This year’s event produced our second-highest net proceeds.” Williams Homes’ Community Outreach Ambassador Jane Rieder attended the gala, as did City National Bank Senior Vice President Gregory Gordon, Vice President of Community Reinvestment Ray Mendoza and Vice President and Westlake Village branch manager Sim Tang-Paradis. MUFG Union Bank was represented by Managing Director and Regional Sales Manager Rhys Morris and Executive Vice President of Commercial Banking Rick Hernandez. Also present was Cabrillo’s Home Ownership Center Director Omar Madrigal. After the event, representatives from the corporate sponsors explained why their business institutions felt the importance to support the venture. “City National has a long history of supporting the communities in which our colleagues live and work and Ventura County is no exception,” said Mendoza. “We are so pleased to support the Ventura County Housing Fund and the important work they do.” Mall Developer Incentives Unibail-Rodamco-Westfield SE’s Village at Westfield Topanga was among five major deals made between the city of Los Angeles and prominent developers citywide cited in a report by Los Angeles City Controller Ron Galperin concluding that the city needs to improve on evaluating and negotiating such deals in which the city awards tax breaks and incentives. In a 29-page report released Aug. 3, Galperin called for more transparency, noting that since the mid-2000s, the city had approved such projects without exercising a broader and more comprehensive economic development strategy. “We need a clear road map to ensure consistency, fairness and value for those we serve,” the report stated. The controller’s report examined a quintet of deals brokered between 2005 and 2015 that totaled $654 million in tax breaks. In his report, Galperin wrote, “the Village at Westfield Topanga had a reported feasibility gap of $35.7 million based on an estimated value of $300 million and estimated development costs of $335.7 million. The city approved financial assistance of up to $47.7 million ($25 million NPV) over 25 years. … Initially, a hotel was planned as part of the development project although that idea was later abandoned.” In addition to the Village, the study scrutinized the city’s dealings with a clutch of downtown L.A. developments: the InterContinental Hotel in the Wilshire Grand, Courtyard Marriott and Residence Inn near LA Live, the J.W. Marriott and Ritz Carlton at LA Live and the Hotel Indigo in Metropolis. Santa Clarita Planner Santa Clarita City Council has unanimously appointed Philip Hart, retired top executive of Logix Federal Credit Union, to its Planning Commission. He will serve through 2020. “I have seen the city grow significantly over the past 30 years,” Hart said, according to the Santa Clarita Signal. “I would like to give back to the community I love so much and help it grow responsibly for the next 30 years.” Hart also serves on the boards of Santa Clarita Valley Economic Development Corp. Staff Reporter Michael Aushenker can be reached at (818) 316-3123 or [email protected].