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Housing Trust Fund Pilot Program Receives $5,000 Grant from Bank of America Foundation

The award will support the First-Time Homebuyer Down Payment Loan Program

The Bank of America Charitable Foundation has awarded a $5,000 grant to the Housing Trust Fund of Santa Barbara County for support of the agency’s pilot First-Time Homebuyer Down Payment Loan Program.

The goal of the Bank of America Foundation is to build “strong, healthy neighborhoods where all of us can live, work and dream by investing in innovative programs designed to serve local community needs.”

The Housing Trust Fund will use the award to move forward with accomplishing its multiyear goals of initiating a new $840,000 workforce First-Time Homebuyer Down Payment Loan Program as well as funding projects that expand affordable rental housing in Santa Barbara County’s diverse communities. The Bank of America grant will empower HTF to build its capacity as an innovative nonprofit financing initiative for affordable housing in Santa Barbara County.

The Housing Trust Fund of Santa Barbara County is a nonprofit countywide financing agency whose mission is to raise financial resources to expand workforce and affordable housing opportunities for the residents of Santa Barbara County. HTF operates a $4.4 million Revolving Loan Fund that provides seed capital to facilitate affordable housing production for low- to moderate-income workers and residents.

In 2012, the Housing Trust Fund will implement a new First-Time Homebuyer Program that will provide 30-year deferred payment loans up to $42,000 to assist working families in purchasing a home in the community where they work. HTF supports projects that enhance the quality of neighborhoods and the sense of community and that preserve the long-term affordability of the housing for future generations of workers and residents.

For more information about the Housing Trust Fund, click here or contact Jennifer McGovern at 805.685.1949 or .(JavaScript must be enabled to view this email address).

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

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