Housing Trust Fund Awarded Grants for Affordable Housing
Source: Housing Trust Fund of Santa Barbara County
The Housing Trust Fund of Santa Barbara County has received a $1,038,000 grant from the U.S. Treasury CDFI Fund under the Rapid Response Program, which provides necessary and flexible capital for CDFI's to respond to the recent economic challenges created by the COVID-19 pandemic, particularly in underserved communities. The U.S. Treasury awarded a total of $1.25 billion to 863 community development financial institutions (CDFIs). Funds can be used for eligible economic development and affordable housing activities, as well as to help CDFIs build capital and loan loss reserves.
HTF will use the grant award funds in its Revolving Loan Fund Program, which makes low-cost loans to sponsors of affordable housing projects for site acquisition, predevelopment and construction costs and permanent financing. Through its Revolving Loan Fund, HTF has funded $8,772,671 in loans to date, representing 404 units of newly constructed and rehabilitated affordable housing. The Revolving Loan Fund Program operates countywide and has facilitated the production of affordable housing for low-income families and individuals, the elderly, the disabled, homeless persons and others with special needs. Click here for information about the Revolving Loan Fund for affordable housing production.
The Housing Trust Fund of Santa Barbara County (HTF) has received a $1,762,400 grant from the CalHome Program of the California Department of Housing and Community Development. HTF will use the award to relaunch its North County Workforce Homebuyer Program, which provides homebuyer down payment assistance to first-time low-income homebuyers.
Under the North County Workforce Homebuyer Program, HTF will offer 30-year deferred payment down payment loans up to 20% of the home purchase price or a maximum loan of $100,000. Eligible homebuyers will be first-time low-income homebuyers who earn up to 80% of Area Median Income (AMI), adjusted for family size, as well as moderate-income homebuyers earning up to 120% of AMI who are victims of recent natural disasters.
HTF's North County Workforce Homebuyer Program will focus on the communities of Guadalupe, Lompoc, Santa Maria and the unincorporated areas, with special targeting of 7 Economic Opportunity Zones located in Northern Santa Barbara County.
HTF anticipates the program will be ready to start by December 2021. Prior to the launch, HTF will hold informational workshops and post program guidelines, a homebuyer orientation packet and loan fliers on its Web-site.
HTF has developed and operated successful homebuyer assistance programs for 9 years in both Northern and Southern Santa Barbara County. To date we have helped 67 low to middle-income first-time homebuyers purchase a home in their community. We are highly motivated to help local working families and individuals achieve the dream of homeownership. Click here for more information about our Workforce Homebuyer Program.