The Housing Trust Fund of Santa Barbara County is pleased to announce that it has received a $7,500 community development grant from Rabobank, N.A. in support of the agency's affordable housing initiatives.
"Rabobank is pleased to be able to support the exceptional work that the Housing Trust Fund does to develop and preserve affordable housing in Santa Barbara County," said Joyce Keane, Rabobank's community affairs manager. "We are grateful that the Housing Trust Fund works so diligently to ensure that there are housing opportunities for all members of our community."
The Housing Trust Fund is a nonprofit Community Development Financial Institution whose mission is to expand affordable rental and homeownership housing opportunities throughout Santa Barbara County for working households and our most vulnerable populations.
The grant from Rabobank, N.A. provides key operational support for HTF as it increases the production capacity of its Revolving Loan Fund and expands its new Workforce Homebuyer Program.
HTF's core program is a countywide $5.5 million Revolving Loan Fund for affordable housing operated in partnership with community lenders, including Rabobank, N.A. The loan fund helps expand the production, preservation, and rehabilitation of affordable housing for low-income households by providing short-term, below-market interest rate loans to qualified sponsors of affordable housing. The projects funded by HTF serve a variety of populations, including working families, single parents, farm workers, senior citizens, homeless individuals, and other persons with special needs. This past year HTF funded $1.85 million in loans to facilitate the production of 100 units of newly constructed affordable housing.
HTF's North County Workforce Homebuyer Program helps bridge the homeowner affordability gap for low-income households by providing 30-year deferred payment down-payment loans of up to $42,000 per household. This year HTF plans to expand the program to South County and serve moderate to upper-moderate income households.
The Housing Trust Fund would like to thank Rabobank, N.A. for its commitment to, and continuous support of our Affordable Housing Initiatives. Rabobank, N.A. has drawn upon its century-old heritage of community banking by contributing the financial and organizational resources that help to make the local communities they serve great places to live and work.
— Jennifer McGovern is president/CEO of the Housing Trust Fund.