Grant funds will be used to provide operating support that will allow HTF to raise $2.5 million by creating a consortium of local lenders.
The new South Coast Workforce Homebuyer Program will build on HTF’s successful track record of implementing the North County Homebuyer Program and will expand that effort to the entire South Coast region.
The South Coast Program will serve a broad range of households earning up to 200 percent of Area Median Income, which is approximately $146,600 for a family of four, and will initially fund up to 30 first-time homebuyer loans, with a maximum loan amount of $100,000. Additionally, a Workforce Housing Fund will be developed to be used as a source of on-going homebuyer assistance to help working families in the South Coast area purchase an entry-level home in the community.
Housing that is affordable is a pressing issue in communities across the country — and Santa Barbara remains the sixth least affordable Small Metropolitan Housing Region in the nation, with the average working family in Santa Barbara paying 40 to 50 percent or more of their income for housing. This is even more pronounced in the South County.
In response, the Lennox Foundation has dedicated itself to funding organizations, such as HTF, that are focused on improving communities throughout the nation.
— Erica Mesker represents the Housing Trust Fund of Santa Barbara County.