Community West Bank has made a $500,000 Equity Equivalent Investment (EQ2) in the Housing Trust Fund of Santa Barbara County, James J. Kim, president/CEO of Community West Bank has announced.
The investment will support its Workforce Homebuyer Program, which provides down payment assistance loans for low- to middle-income homebuyers.
The Workforce Homebuyer Program helps qualified homebuyers secure conventional financing by providing down-payment assistance, reducing financial barriers to homeownership and lowering acquisition and carrying costs.
Community West Bank’s EQ2 investment strengthens the capital structure of community development financial institutions (CDFIs) like the Housing Trust Fund of Santa Barbara County, enabling them to expand lending and investment in economically disadvantaged communities, the bank said.
“We are pleased to partner with Community West Bank,” said Jennifer McGovern, president/CEO of the Housing Trust Fund of Santa Barbara County. “This investment will further help working families and individuals achieve homeownership, providing stability that strengthens both families and neighborhoods.”
“Community West Bank is proud to collaborate with the Housing Trust Fund of Santa Barbara County to support its mission of expanding affordable housing opportunities and helping local families achieve the dream of homeownership,” said Kim.
“We are deeply committed to this region, which is home to our Bank, our employees and the communities we serve,” Kim said.