Overview
What is Housing Trust Fund Of Santa Barbara County Inc?
Housing Trust Fund of Santa Barbara County Inc is a nonprofit organization based in Santa Barbara, California. Their primary objective is to provide affordable housing opportunities for low, moderate, and middle-income residents through a $7.7 million revolving loan fund. They offer low-cost loans to qualified sponsors of housing projects, assisting in site acquisition, predevelopment, construction, and permanent financing for rental and homeownership projects. The organization also provides free technical assistance to help potential project developers, facilitate projects, and reduce development costs. Since 2012, the fund has expanded its reach with a $3.6 million workforce homebuyer program, assisting first-time homebuyers in Santa Barbara County, often struggling with high housing costs. The program offers various types of loans to help bridge the affordability gap for potential homeowners.
Official website here: www.sbhousingtrust.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating
The Housing Trust Fund of Santa Barbara County Inc receives a commendable Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. With an overall score of 96%, the evaluation primarily emphasizes its strong performance in Accountability & Finance, showcasing that the organization is well-managed and transparent in its financial practices.
The nonprofit boasts complete compliance with governance and oversight practices, including a board composed of 77% independent members, which enhances its credibility. It scores full points on various criteria such as the absence of material diversion of assets, the presence of essential policies like conflict of interest and whistleblower protections, and consistent documentation of board meeting minutes.
One notable strength is its substantial program expense ratio of 89.11%, reflecting a strong commitment to utilizing resources effectively for its mission. However, the summary does not indicate any specific limitations or criticisms about the organization, suggesting a positive outlook for its ongoing operations and community impact.
This AI summary has been generated from information found on Charity Navigator.
Is Housing Trust Fund Of Santa Barbara County Inc legitimate?
Housing Trust Fund Of Santa Barbara County Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Housing Trust Fund Of Santa Barbara County Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $204,674
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.sbhousingtrust.org
What is the mission statement of Housing Trust Fund Of Santa Barbara County Inc?
The Housing Trust Fund's mission is centered around providing affordable housing opportunities to low, moderate, and middle-income residents. This is achieved through a revolving loan fund, which offers low-cost loans to qualified sponsors of affordable housing projects. The fund provides financing for various expenses such as site acquisition, predevelopment, and construction costs. The Housing Trust Fund also offers free technical assistance to help groups determine the feasibility of their projects, connect them to development expertise, and assist in the application process for loans. Since 2012, the fund has operated a Homebuyer Program to help first-time homebuyers in the expensive Santa Barbara County housing market. The program provides down payment loans to income-eligible households, tailoring the loans to bridge the affordability gap and make housing payments more manageable. The Housing Trust Fund seeks to increase the income limit for its Homebuyer Program to serve a broader range of economically disadvantaged individuals in response to the severe housing affordability gap in the county.
Official website here: www.sbhousingtrust.org
Who is the CEO of Housing Trust Fund Of Santa Barbara County Inc?
Michael T Bennett is the President & Ceo of Housing Trust Fund Of Santa Barbara County Inc. The CEO's salary of Housing Trust Fund Of Santa Barbara County Inc is $109,685 and their total compensation is $119,885.
Official website here: www.sbhousingtrust.org
What is the revenue of Housing Trust Fund Of Santa Barbara County Inc?
Housing Trust Fund Of Santa Barbara County Inc's revenue in 2022 was $1,232,471.
Official website here: www.sbhousingtrust.org
Who are the executives of Housing Trust Fund Of Santa Barbara County Inc and what are their salaries?
The average compensation at Housing Trust Fund Of Santa Barbara County Inc during 2022 was $102,337. There are 2 employees and 11 volunteers at Housing Trust Fund Of Santa Barbara County Inc.
Here are 11 key members and their salaries (Housing Trust Fund Of Santa Barbara County Inc's CEO's salary is $109,685 and their total compensation is $119,885):
- Compensation: $109,685
- Related: $0
- Other: $10,200
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Official website here: www.sbhousingtrust.org
Where can I find the form 990 for Housing Trust Fund Of Santa Barbara County Inc?
Housing Trust Fund Of Santa Barbara County Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sbhousingtrust.org
Learn more at the official website: www.sbhousingtrust.org
Mission Statement of Housing Trust Fund Of Santa Barbara County Inc
The Housing Trust Fund of Santa Barbara County Inc is dedicated to providing affordable housing opportunities for low, moderate, and middle-income residents in the county. This nonprofit organization achieves its mission through a $7.7 million revolving loan fund, which offers low-cost loans to qualified sponsors of affordable housing projects. These projects serve households with income levels below 80% of the area median income.
The fund's primary activity is to support the creation, maintenance, preservation, expansion, and preservation of affordable housing stock in the county. The Housing Trust Fund provides direct loans for site acquisition, predevelopment, and construction costs, as well as permanent financing for rental and homeownership projects. The organization also offers free technical assistance to community groups and experienced developers, helping to reduce project development costs and facilitate the initiation of affordable housing projects.
In addition to its revolving loan fund, the Housing Trust Fund operates a Workforce Homebuyer Program using government grants and private investment capital. This program aims to help first-time homebuyers who have been priced out of the Santa Barbara County housing market purchase an entry-level home in the community. The program provides down payment loans to low, moderate, and middle-income households, tailoring the loans to bridge the affordability gap and make housing payments more manageable for first-time homebuyers. The Housing Trust Fund down payment loans can be used to purchase both market-rate and resale controlled affordable homes, thereby expanding affordable homeownership opportunities for residents in Santa Barbara County.
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Impact
July, 2024
The impact of the Housing Trust Fund Of Santa Barbara County Inc is significant in addressing the affordable housing needs of low, moderate, and middle-income residents of Santa Barbara County. Through its $7.7 million revolving loan fund, the organization provides low-cost loans to qualified sponsors of affordable housing projects, serving households earning between 0-80% of the area median income. Additionally, the organization operates a $3.6 million workforce homebuyer program, assisting first-time homebuyers in purchasing homes in the expensive Santa Barbara County housing market.
Given the housing market conditions in Santa Barbara County, which is one of the least affordable small metropolitan markets in the nation, the organization's efforts are crucial in bridging the affordability gap for those facing economic distress due to high housing costs. By offering tailored down payment loans and expanding homeownership opportunities for low to middle-income residents, the Housing Trust Fund Of Santa Barbara County Inc plays a vital role in making housing more accessible and affordable for vulnerable populations in the community.
This information is meant to be a general summary of Housing Trust Fund Of Santa Barbara County Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3,749
- Program Service Revenue: $348,097
- Gross Receipts: $1,232,471
Assets and Liabilities:
- Total Assets: $7,841,934
- Total Liabilities: $2,917,249
- Net Assets: $4,924,685
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN PROGRAM REVENUE
Revenue
$348,097
Organization Details
Founding Year
2002
Phone
(805) 685-1949Principal Officer
Michael T Bennett
Main Address
PO BOX 60909, SANTA BARBARA, CA, 93160
Website
www.sbhousingtrust.orgNTEE Category
Code: T30 - Philanthropy
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