Saturday, May 26 , 2018, 1:49 pm | Fair 67º

 
 
 
 

Capps Announces Funding to Boost Affordable Housing on Central Coast

Rep. Lois Capps, D-Santa Barbara, announced on Thursday four local programs received funding totaling almost $2 million through the U.S. Department of Treasury’s Community Development Financial Institution (CDFI) Fund.

The San Luis Obispo Housing Trust Fund, the Housing Trust Fund of Santa Barbara County and Women’s Economic Ventures in Santa Barbara each received $600,000 awards. The awards will allow increased lending and investments in low-income and economically distressed communities.

The Peoples Opportunity Fund in San Luis Obispo received a $96,000 technical assistance award, which helps certified CDFIs build their capacity to provide affordable financial products and services to low-income communities and families.

In 2011, CDFI program awardees around the country provided nearly $1.3 billion in financing to homeowners, businesses and commercial and residential real estate developments. Awardees also created or maintained more than 25,600 jobs and provided 23,100 individuals with financial literacy training.

“Our local CDFIs help create jobs, generate economic growth and expand housing in our neighborhoods,” Capps said. “Providing low-cost, affordable housing options in our communities is critical to building and strengthening our working and middle classes. These awards will help community partners throughout the Central Coast expand the amount of affordable housing in our cities.”

At the Housing Trust Fund of Santa Barbara County, the CDFI Fund award will be used as lending capital to community sponsors of affordable rental and homeownership housing projects that will serve low-income working families and our most vulnerable special needs populations. The Housing Trust Fund provides low-cost loans for site acquisition, predevelopment and construction costs and permanent bridge-financing that help facilitate expansion of needed affordable and workforce housing opportunities throughout our diverse Santa Barbara counties.

"Santa Barbara County is the fifth least affordable small metropolitan housing market in the nation,” said Jennifer McGovern, president and CEO of the Housing Trust Fund of Santa Barbara County. “This grant award provides the Housing Trust Fund of Santa Barbara County with crucial financial resources that help expand affordable and workforce housing opportunities for working families and our most vulnerable populations throughout Santa Barbara County. We deeply appreciate Congresswoman Capps' leadership and consistent support of our agency mission and are grateful for her championing of our application for this key community funding."

Capps has long supported the program and the impact these organizations have on the local community. She wrote a letter in support of CDFI funding for the coming fiscal year. She also sent similar letters in support of CDFI funding in the previous two fiscal years. The awards were part of more than $172 million in grants from the Department of Treasury to only 191 organizations around the country.

— Chris Meagher is press secretary for Rep. Lois Capps, D-Santa Barbara.

 

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.

Become a Supporter

Enter your email
Select your membership level
×

Payment Information

You are purchasing:

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >