The Ventura Unified School District Board of Education voted Aug. 25 to sell two surplus properties for housing development in agreements totaling approximately $47.3 million – including a first-of-its-kind arrangement in Ventura County that will provide about 50 homes for District employees.
Under the larger agreement, VUSD will sell its 24.88-acre Education Service Center property at 255 W. Stanley Ave. for $39 million to an affiliate of MW Investment Group and HCD Investments LLC. Rather than receiving the entire purchase price in cash, the District will receive approximately $21.5 million in cash and about 50 completed housing units, valued at roughly $350,000 each.
The District will own the homes directly, giving it flexibility to determine who lives in them and what rents are charged. Unlike many affordable housing programs, the units will not be subject to income restrictions. This could allow VUSD to assist employees who earn too much to qualify for traditional affordable housing but still struggle to afford Ventura’s housing market.
“Our teachers and staff should be able to live in the community they serve,” said Superintendent Dr. Antonio Castoro. “We are taking a substantial share of the purchase price in the form of housing the District will own. That gives us real flexibility to help employees live in the city where they work.”…