Revolving Loan Fund Success Stories

Since launching our programs in 2005, we have raised $6.5 million in private and public lending capital to support affordable housing production and homeownership and have committed $3.8 million in direct financing to create 191 units of permanently affordable housing for our most vulnerable populations via our Revolving Loan Fund.

We have funded housing for low-income homeless persons, agricultural workers, working families and women with children in substance abuse recovery.  All HTF funded projects provide housing for low-income under-served populations and persons with special needs who find it difficult to locate housing in the expensive Santa Barbara market.

 

Revolving Loan Fund success stories include:

Canon Perdido Condominiums: In May 2013 we funded a $750,000 construction loan to Habitat for Humanity to construct a 12-unit self-help homeownership project in the City of Santa Barbara for low-income families.

Jetstream Lots Self-Help Project: In 2010 we successfully funded our first 100% affordable housing project in the rural community of Los Alamos, the Jetstream Lots Self-Help Project for low-income agricultural and service workers.  We provided a site acquisition loan to Peoples’ Self-Help Housing (PSHH). The Mediterranean style homes are designed with green features, exceed current Title 24 standards and incorporate water savings landscaping. The three families who will purchase the improved lots acquired with our loan will perform 65% of the construction work to complete their homes. The project serves low-income families earning up to 60% of Area Median Income.

Recovery Way Home: In 2008 we closed a $560,000 bridge-financing loan for the Recovery Way Home project sponsored by Good Samaritan Shelter in the City of Lompoc.  Our loan provided the missing funding piece that enabled Good Samaritan to acquire an 8,135 square foot commercial property that was renovated to provide a 16-bed transitional housing facility for perinatal women in substance abuse recovery and their children and a 6-bed Detox facility.  The building now includes 8 separate bedrooms, a communal bathroom area, a childcare center and an income-generating thrift store.  Good Samaritan provides on-site services to support the housing and Detox programs, including outpatient perinatal treatment for 30 women, childcare for children ages 0-5 and on-site job training. The project is the first of its kind in the Lompoc community.

San Pascual Homeownership Project:  In 2007 we provided a $200,000 site acquisition loan to Habitat for Humanity to help them acquire a site in the Westside Neighborhood of the City of Santa Barbara where they developed four self-help homes.  The project was completed in December 2010 and provides affordable homes for four very low-income Hispanic families who earn between 30-40% AMI and who formerly lived in overcrowded living conditions. The families completed 250 hours of “sweat equity” to construct their homes.  HTF’s loan helped to empower Habitat for Humanity, which engaged hundreds of volunteers to assist in constructing the homes and conducted a highly successful capital campaign that raised over $3.7 million not only for the project but for Habitat’s ReStore facility.  The San Pascual project provides well-designed affordable housing for hard-working families that uplifts individual lives and contributes to the safety and stability of the Westside Neighborhood.

El Carrillo Apartments:  In August 2005, HTF provided a $1 million construction loan to the 62-unit El Carrillo studio apartment project sponsored by the Santa Barbara City Housing Authority.  El Carrillo fills a unique housing need in the Santa Barbara community.  It is 100% affordable and serves very low-income single homeless and disabled persons in the downtown who earn 30-40% of Area Median Income.  80% of the residents live on only social security or general relief income, and 70% are eligible for County Mental Health system services. The project offers these individuals rents from $340 to $453 per month, significantly below the going market for downtown studios. Residents are also offered on-site social services and job development workshops from Work Training Programs, Inc.