Goleta Magazine 2019-2020 - 18

Pictured above: Jennifer McGovern, President & CEO of the Housing Trust Fund of Santa Barbara County at the Villages at
Los Carneros, one of Goleta's newest neighborhoods. Below: McGovern with the Lund family in their new Buellton home,
purchased with a Workforce Homebuyer Program down payment assistance loan.

Residential Real Estate
Housing Trust Fund's loan program helps
first-time homebuyers enter the market
The
Housing
Trust
Fund
of
Santa
Barbara
County  launched
their down payment
assistance
loans in 2018 and
have already helped
four first-time home
buyers purchase an
entry-level home.

"It won't help everyone, but it will help lots of people get into an
entry-level home who would otherwise not be able to," McGovern
said.

The nonprofit organization's  South
Coast
Workforce
Homebuyer Program was designed to help first-time homebuyers get into an expensive market. The secondary loans-up to
$100,000, or 16.5 percent of the purchase price-help prospective
buyers make a 20 percent down payment and qualify for conventional mortgage financing.

McGovern, who has worked in housing and community development since the 1970s, said she and the Housing Trust Fund's board
of directors believe people should live where they work so they can
put down roots and participate in the community - such as coaching a child's team after school.

"It's a huge leg up for a lot of folks, with the goal that they can put
20 percent down," said Jennifer McGovern, President and CEO of the
Housing Trust Fund.
The new Workforce Homebuyer Program loans will be given to
South Coast employees who range from low income to uppermiddle income, and they are eligible for homes purchased between
Carpinteria and Buellton/Santa Ynez Valley.

18

GOLETA MAGAZINE

GoletaChamber.com

The Workforce Homebuyer Program has $3.5 million in capital,
so the nonprofit organization can award 35 initial loans of up to
$100,000, which carry 5.25 percent interest, fixed for 10 years.
The Housing Trust Fund has partnered with five local banks on
the Workforce Homebuyer Program:  Rabobank,  American Riviera
Bank,  Community West Bank,  Pacific Premier Bank  and  Montecito
Bank & Trust.

''

This program will help lots
of people get into an entry-level
home who would otherwise
not be able to."
JENNIFER MCGOVERN
President & CEO, Housing Trust Fund of SB County
http://www.GoletaChamber.com
Goleta Magazine 2019-2020

Table of Contents for the Digital Edition of Goleta Magazine 2019-2020
