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Friday, March 22 , 2019, 7:59 am | Fair 44º

 
 
 
 

Housing Trust Fund Lends a Hand to Lompoc Project

An innovative lending partnership provides key funding for transitional housing for women and children

The Housing Trust Fund of Santa Barbara County has successfully closed a $560,000 site acquisition loan for the Recovery Way Home project sponsored by the Good Samaritan Shelter in Lompoc.

The loan provided the missing funding piece that enabled Good Samaritan to move forward with the acquisition of a commercial property on West Ocean Avenue in Lompoc. The property has been newly renovated to provide a 16-bed transitional housing facility for perinatal women with substance abuse and their children, as well as a six-bed detox facility.

The project is the first of its kind in the Lompoc community and provides needed transitional housing with comprehensive supportive services for very low-income women and children, including on-site child care, job training, a thrift store and outpatient recovery programs for up to 30 women.

“We are happy to have provided the funding to enable Good Samaritan to proceed with the acquisition of this great community project,” said Roger Horton, board chairman of the Housing Trust Fund and a Santa Barbara city councilman.

A unique feature of the loan was the innovative and collaborative lending partnership HTF put together to fund the Recovery Way Home project. Lending partners included Montecito Bank & Trust, Northern Trust N.A. and Santa Barbara Bank & Trust, which all provided capital at significant below-market rates for the loan.

Lompoc's new Recovery Way Home features comfortable rooms with an inviting ambience.
Lompoc’s new Recovery Way Home features comfortable rooms with an inviting ambience.

HTF also partnered with three public agencies in completing the financing of the Recovery Way Home project, including the city of Lompoc, Santa Barbara County and the state Department of Housing & Community Development, as well as the Santa Barbara Foundation, which provided additional funding for the property acquisition. Another key partner was the Hutton Foundation, which provided a loan guaranty for the project.

Click here for more information about the Housing Trust Fund of Santa Barbara County and its programs, or contact HTF president and CEO Jennifer McGovern at 805.685.1949 or e-mail [email protected]

— Jennifer McGovern is president and CEO of the Housing Trust Fund of Santa Barbara County.

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