HTF Revolving Loan Fund
Loan Fund Purpose:
HTF operates a $2.95 million Revolving Loan Fund in partnership with community lenders that provides below-market
interest rate loans to qualified sponsors to initiate affordable rental or
homeownership housing projects. Eligible borrowers include private and
non-profit developers, faith-based groups, public agencies and non-profit
agencies. Loan funds can be used for site acquisition, predevelopment
costs and project construction, are repaid from project construction or
permanent financing, and revolve back into the fund.
The Revolving Loan Fund helps facilitate affordable housing projects that otherwise might not be initiated. Projects also benefit from savings by lowering the cost of interim and construction financing. The HTF Revolving Loan Fund operates countywide and supports housing projects on both urban infill and rural sites where at least 25% of the units serve low-to-moderate income households earning between 0-120% of Area Median Income (AMI). To ascertain your project’s eligibility for funding, please follow the loan application process described below.
Loan Fund Benefits:
Funds Revolve: HTF accesses capital that is not available to individual housing sponsors. The fund provides needed seed capital and recycles to financially assist more projects.
Technical Assistance: HTF can help community groups who wish to sponsor affordable housing by providing them technical assistance to evaluate their potential project.
Serves Multiple Needs: The Fund assists multiple housing sponsors that serve diverse community needs in both urban and rural areas of Santa Barbara County.
Loan Application Process:
Applicants should first review the Revolving Loan Fund Program Guidelines.
>>>> Download Guidelines here
After reviewing the guidelines, please fill out the Application For Initial Project Review and contact HTF staff to discuss the eligibility of your project and the current availability of loan funds.
Tangible Results: El Carrillo Project
Construction is completed on the 62-unit El Carrillo Project for downtown workers, homeless and disabled persons in downtown Santa Barbara, sponsored by Housing Authority of the City of Santa Barbara. HTF provided a $1 million below-market interest rate construction loan to the project from its Revolving Loan Fund.