Newport Beach Housing Trust
The Newport Beach Housing Trust will be a catalyst for new rental and ownership housing by:
- Serving as an intermediary between investors and developers
- Assembling capital from public, private, and philanthropic sources
- Extending flexible loans on housing developments that otherwise would not be funded
- Providing technical assistance to developers of affordable and missing-middle housing nurturing community partnerships to increase impact
The need for affordable housing in our community has reached critical levels. Employers see it in their inability to attract and retain workers. Physicians and other health workers see it in worsening outcomes for individuals and the community. Climate activists see it in the persistence of high vehicle miles travelled and greenhouse gas emissions. Schools see it in the students who show up unprepared to learn because of frequent moves and stress at home. Housing advocates see it in the number of people who are housing insecure, paying too much for rent. And we all see it in the numbers of people forced to sleep outside on our streets.
A coalition of owners of VEA Newport Beach/The Ritz-Carlton Residences, and environmental leaders have come together to develop new solutions. They have formed a Housing Trust that can serve as an intermediary between investors and builders that spurs more rental and ownership opportunities for those not served in our current market. Housing Trusts in other California communities have shown success assembling public, private, and philanthropic resources, and using the pooled funds to make loans on the tough to finance – but badly needed – new developments.
The Newport Beach Housing Trust will provide the kind of financing tools developers need but are sometimes considered too risky for traditional lenders. Examples are land banking, pre-development activities, and construction. Making capital available at these early stages of a project could make all the difference for a variety of workforce and affordable rental housing developments, for senior independent living properties, and even accessory dwelling units.
The new non-profit Newport Beach Housing Trust will also coordinate and seek partnerships with other housing organizations in the region, to be sure that program offerings are complementary and additive.
Housing Types Targeted
Missing middle rental and ownership
Permanent Supportive Housing
Potential Trust Products
Down Payment Assistance for Homebuyers
- Retained Consultants to assist Formation Group.
- Inventoried Local Housing Trusts in California.
- Analyzed the inventory to determine which model best fits Newport Beach.
- Determined that a model which provides financial assistance for local projects and complements the City’s efforts works best for Newport Beach.
- Prepared Bylaws and Articles of Incorporation
- Secure an incubator organization
- Finalize formation documents & prepare 501(c)(3) filing
- Appoint a Board of Directors
- File for Spring 2023 State Grants
- Raise operating capital
- Hire an Executive Director
- Raise loan capital