The Housing Trust Fund of Santa Barbara County is pleased to announce that the agency has been awarded a capital grant from the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund in the amount of $700,000.
The Housing Trust Fund was one of only 34 certified CDFIs located in minor urban geographic regions to receive this prestigious national award.
The CDFI Fund received 306 applications and made 123 awards totaling $158.8 million to CDFIs located in 41 states and the District of Columbia.
HTF will use the CDFI Fund award to facilitate the work of community-based affordable housing sponsors in producing needed affordable housing throughout Santa Barbara County.
The capital grant will aid HTF in providing low-cost financing for housing projects that serve local working families as well as our most vulnerable populations.
The funds will enrich HTF’s $6.5 million Revolving Loan Fund, which facilitates the production, preservation and rehabilitation of affordable rental and homeownership projects countywide.
The Revolving Loan Fund provides low-cost loans to community sponsors for site acquisition, project predevelopment and construction costs and permanent financing to help expand affordable housing opportunities within the diverse communities of Santa Barbara County.
Since 2005 HTF has committed $4,140,671 in direct financing to facilitate the production of 225 units of affordable housing.
Examples of affordable housing projects that received HTF funding include the 43-unit Casa de Las Flores rental project in Carpinteria sponsored by Peoples’ Self-Help Housing and the 12-unit Canon Perdido Condominium self-help ownership project in Santa Barbara sponsored by Habitat for Humanity.
HTF has also recently made loan commitments to the 34-unit Santa Maria Senior Apartments project and 40-unit Jardin de Las Rosas multi-family rental project in downtown Santa Barbara, both sponsored by PSHH.
The CDFI Fund invests in nonprofit, private and for-profit community-based lending organizations known as community development financial institutions, which serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services.
Through capital grants and loans, the CDFI Fund assists emerging and existing CDFIs in building their organizational capacity to serve their target markets.
HTF would like to thank the U.S. Treasury CDFI Fund for bringing needed resources and hope to our communities to solve our critical affordable housing needs.
— Jennifer McGovern is the president and CEO of Housing Trust Fund of Santa Barbara County.