By Elliott Bochstein, RCAC Staff Writer
Josefina Lopez felt cornered. As a mother of four in the expensive coastal city of Port Hueneme, California, the weight of the world seemed to rest on her shoulders as she worked tirelessly to provide for her family. When the COVID-19 pandemic struck and she fell behind on her mortgage payments, the financial pressure surged dramatically. Faced with the looming prospect of losing her family’s home, Josefina was anxious and desperate for a solution.
Josefina knew well the challenges that homeowners in Ventura County face. Weak job growth, stagnant incomes, a shrinking population, and a dire shortage of low-cost housing are among the major problems confronting working-class residents of Port Hueneme and neighboring south coast cities like Oxnard and Ventura. These factors have contributed to a sharp rise in homelessness and a pervasive sense of social insecurity in the region over the past decade.
According to the 2022 Out of Reach report from the National Low Income Housing Coalition, residents of the Port Hueneme area need an hourly wage of $42.65 per hour to afford a two-bedroom rental at the fair-market rent – an eyewatering sum in a region where the estimated mean hourly wage is only $22.26. A separate study by local social justice group CAUSE found that Ventura County residents are among the most rent-burdened in the nation. The severe imbalance between wages and housing costs leaves the region’s working-poor and majority Latino population highly vulnerable to the pressures of inflation and a potential recession.
When the COVID-19 pandemic hit U.S. shores, Josefina’s financial stability began to crumble. Her employer slashed her work hours, making it nearly impossible to juggle her debt repayments and living expenses. Her bank’s sluggish response only added to her woes.
“The bank kept telling me to go fill out application after application, every month or every three months, and that’s how they kept me for a year,” Josefina said. She turned to a local service that promised her solutions but ultimately left her empty-handed. “They turned out to be a fraud and didn’t help with anything – on the contrary, they just took my money,” she said.
As Josefina edged closer to losing her home, a neighbor recommended that she reach out to the Ventura County Community Development Corporation (VCCDC). As a Rural Community Assistance Corporation (RCAC) subgrantee, VCCDC provides support to homeowners through the Wells Fargo Keeping People Housed initiative. By providing services such as foreclosure prevention, financial counseling and loss mitigation assistance, VCCDC helps clients keep their homes with customized solutions and payment plans that fit their actual budget.
With VCCDC housing counselor Gaby Muñoz’s help, Josefina enrolled in the California Mortgage Relief Program and put a halt to the bank’s incessant demands. VCCDC’s dedication and expertise provided the support she needed to secure her family’s stability and finally find peace of mind.
“Happiness is overflowing in my heart,” Josefina said. “I’m overjoyed that I regained stability in the place where I live, which means so much to me.”
Josefina’s victory is just one example of the concrete impact Wells Fargo’s Keeping People Housed initiative, in partnership with RCAC, has had on households across the U.S. West. The partnership between Wells Fargo and RCAC has been pivotal in enhancing the capacity of local housing counselors and nonprofit housing providers, including VCCDC, to assist families in retaining their homes. This initiative acknowledges local organizations’ unique expertise in addressing their communities’ specific needs. Through a community-first approach, households are empowered with the necessary confidence and tools to take ownership of their housing situations, strengthening the resilience and stability of rural and disadvantaged areas.
“I’ve struggled a lot… In the end, everything turned out well
thanks to you and this program.”– Josefina Lopez
Keily Victoria, Director of Program Development & Administration at VCCDC, thanked Wells Fargo for their contribution of $52,000 in grant funding passed through RCAC, and expressed hope that more nonprofits would have access to similar grants in the future. “This grant has allowed us to provide services to our clients quickly and efficiently without hindering us from serving the client,” Victoria said. “As a nonprofit with limited staffing, it really helps us to be able to provide services the way we ideally want to provide them.”
The Wells Fargo Keeping People Housed initiative, in partnership with RCAC and VCCDC, is taking a proactive stance in the fight against persistent housing insecurity. Through this public-private collaboration, homeowners are receiving the essential financial education and counseling they need to avoid foreclosure and keep the roof over their families’ heads. With no end to the housing crisis in sight, the Wells Fargo Keeping People Housed initiative remains committed to helping those who need it most.
“I’ve struggled a lot,” Josefina said. “In the end, everything turned out well thanks to you and this program.”
