U.S. Bank Provides $24.3 Million in Financing for Many Mansions' New Hillcrest Villas

  U.S. Bank Provides $24.3 Million in Financing for Many Mansions' New
  Hillcrest Villas

 Grand opening celebrates 60 new affordable housing options in Thousand Oaks

Business Wire

THOUSAND OAKS, Calif. -- April 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 Thou ...

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 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.

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Contact:

Teri Charest, U.S. Bank Public Relations
(612) 303-0732, teri.charest@usbank.com
 
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