That combined money made it affordable. We have to say, 'You can do this. People can manage one or two housing units if they live there. We'll have to educate people on how to be landlords. And most homeowners in Phillips know somebody that is looking for a place to rent.
More rental units lead to cheaper rents, and people charge less in rent to friends and relatives.
Although Ventura Village has some public money, the bulk of construction costs for carriage houses will be paid by homeowners. Fannie Mae, through TCF, has already signed on to provide affordable loans for the program. Graham is going after Wells Fargo as well. We're raising other money. Graham says he set up the program so that immediate housing needs can be met, and so Ventura Village can kick the door open for more funding.