Housing that is affordable is a pressing issue in communities across the country — and Santa Barbara remains the fifth 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.
In response, Bank of America has dedicated itself to funding organizations, such as HTF, that are focused on affordable housing intended to revitalize neighborhoods and help working families find and keep suitable homes.
HTF will utilize Bank of America grant funds to support its mission of expanding affordable housing opportunities for low-to-moderate income residents and workers of Santa Barbara County. Specifically, funds will be used to broaden the reach of the Workforce Homebuyer Program and strengthen the Revolving Loan Fund for Affordable Housing.
The innovative Workforce Homebuyer Program helps bridge the homeowner affordability gap by providing deferred down payment loans of up to $42,000 to assists local low- to middle-income working-class families purchase an entry-level home in the community where they work.
HTF’s core program, the countywide $5.6 million Revolving Loan Fund, aids in the expansion, production, preservation and rehabilitation of affordable housing. The program serves a variety of populations, including working families, single parents, local employees, farm workers, senior citizens, disabled persons, homeless individuals and other persons with special needs.
HTF would like to thank Bank of America for its long-standing and steadfast support of HTF’s mission and community goals.
— Erica Mesker is a development and communications assistant for the Housing Trust Fund of Santa Barbara County.