MUFG Union Bank Foundation Awards $10,000 Grant To Orange County Housing Trust
IRVINE, CA – October 17, 2019 – Union Bank through the MUFG Union Bank Foundation has awarded a $10,000 grant to the Orange County Housing Trust, a nonprofit organization dedicated to increasing the supply and availability of affordable housing units in Orange County, with the support of NeighborWorks Orange County (NWOC) and Orange County Business Council (OCBC).
With this contribution, MUFG Union Bank Foundation joins Orange County businesses who have donated to the Trust in support of gap financing for the acquisition, development and construction of permanent supportive and affordable housing projects in Orange County, including Disneyland Resort, who in March gave a $5 million grant as the Trust’s first private donation after being revitalized in early 2019.
“We sincerely thank the MUFG Union Bank Foundation for recognizing and contributing to Orange County Housing Trust’s mission to increase affordable housing opportunities for lower income residents of Orange County,” said Helen O’Sullivan, Executive Director of Orange County Housing Trust. “With this donation, and matching donations from other organizations, we can continue to provide nimble funding solutions to create affordable housing and end-of-homelessness solutions in Orange County.”
The MUFG Union Bank Foundation grant will provide “last mile” funding” – a mode of funding for developers that have exhausted other funding options towards the closing phase of a project already underway – needed for permanent supportive and affordable housing projects that have already secured the majority of their financing.
“Bringing the issues around affordable housing to the forefront is a top priority for us as it is one of the most pressing issues facing our community today,” said Robbin Narike Preciado, Union Bank Regional President and Managing Director for Southern California. “We are proud to support the Orange County Housing Trust with this contribution on behalf of the MUFG Union Bank Foundation.”
Originally established in January 2010, NWOC and OCBC retooled Orange County Housing Trust in early 2019 as a financing vehicle to leverage public and private funding to bring future permanent supportive and affordable housing projects in Orange County across the finish line.
Recognizing that effective models addressing affordable housing around the country – including the successful Housing Trust of Silicon Valley – have involved the collective efforts of both public and private parties united in tackling important social issues, Orange County business leaders have rallied around the housing-first mission of Orange County Housing Trust, including Disneyland Resort, Brookfield Residential, and more. OCHT Board of Directors is comprised of the region’s top business leaders and housing advocates.
“In the face of the affordable housing crisis impacting not only Orange County, but all of California, this donation by MUFG Union Bank Foundation is a welcome and necessary contribution to build housing that might otherwise not get built,” said Lucy Dunn, OCBC President and CEO and Orange County Housing Trust Chair. “It has been astounding to experience the business community’s strong response to our donation challenge last March. With generous gifts like this one from the MUFG Union Bank Foundation, we will make real progress to help end homelessness in Orange County. Join us! Donate at www.ochousingtrust.org today.”
ABOUT ORANGE COUNTY HOUSING TRUST
Orange County Housing Trust is a fully qualified 501(c)3 nonprofit private capital-funded trust dedicated to increasing the supply and availability of permanent supportive housing units and affordable housing developments in Orange County to prevent homelessness. With renewed interest to solve the homelessness crisis in Orange County, Orange County Business Council approached NeighborWorks Orange County to work together to retool OCHT and seek donations from the private sector interested in making a difference.
ABOUT NEIGHBORWORKS ORANGE COUNTY
Since 1977, NeighborWorks Orange County has empowered diverse neighborhoods to create high quality environments for residents – all in support of the vision of Home as a safe, affordable place to become empowered, encouraged and inspired. Today, NWOC provides services throughout and beyond the region to people from all walks of life. For more information, visit http://nwoc.org.
ABOUT ORANGE COUNTY BUSINESS COUNCIL
Orange County Business Council represents and promotes the business community, working with government and academia to enhance Orange County’s economic development and prosperity in order to preserve a high quality of life. OCBC is comprised of the region’s most influential global businesses and organizations in the region, working to assure effective investment in infrastructure, an advanced education system that produces skilled workers, growth of venture capital and high tech companies, and housing solutions for the workforce. OCBC membership is comprised of some of the world’s largest global corporate leaders as well as representation from local government and academia. For more information, visit http://www.ocbc.org.
Contact: Helen O’Sullivan, Executive Director, Orange County Housing Trust, email@example.com
Contact: Lucy Dunn, President and CEO, Orange County Business Council, firstname.lastname@example.org
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