2023-02-15T18:15:30-08:00 2022-06-30 753194011 Moss Levy & Hartzheim LLP 2400 Professional Parkway Suite 205 Santa Maria CA 93455 990 2021-07-01 432007672 HOUSING TRUST FUND OF SANTA BARBARA COUNTY INC HOUS 8056851949 PO BOX 60909 SANTA BARBARA CA 93160 MICHAEL T BENNETT CHAIRMAN 2023-02-15 true MICHAEL T BENNETT 999009999 Travis Hole CPA P01568767 8059252579 0 AAL1 IAL1 FAL1 2021 2023-03-07 01:45:13Z MICHAEL T BENNETT PO BOX 60909 SANTA BARBARA CA 931600909 1232471 false X WWW.SBHOUSINGTRUST.ORG X 2002 CA THE HOUSING TRUST FUNDS MISSION IS TO PROVIDE AFFORDABLE HOUSING OPPORTUNITIES TO LOW, MODERATE, AND MIDDLE INCOME RESIDENTS OF SANTA BARBARA COUNTY. 10 9 2 11 0 167905 880625 221520 348097 4100 3749 0 393525 1232471 0 0 236059 246739 0 7095 146943 302511 383002 549250 10523 683221 6845810 7841934 2604346 2917249 4241464 4924685 THE HOUSING TRUST FUNDS MISSION IS TO PROVIDE AFFORDABLE HOUSING OPPORTUNITIES TO LOW, MODERATE, AND MIDDLE INCOME RESIDENTS OF SANTA BARBARA COUNTY. false false 490749 THE HOUSING TRUST FUNDS (HTF) PRIMARY ACTIVITY IS A $7.7 MILLION REVOLVING LOAN FUND FOR AFFORDABLE HOUSING THAT PROVIDES LOW-COST LOANS TO QUALIFIED SPONSORS OF AFFORDABLE HOUSING PROJECTS THAT SERVE LOW-TO-MODERATE INCOME HOUSEHOLDS. HTF PROVIDES DIRECT LOANS FOR SITE ACQUISITION, PREDEVELOPMENT AND CONSTRUCTION COSTS, AND PERMANENT FINANCING FOR RENTAL AND HOMEOWNERSHIP PROJECTS THAT CREATE, MAINTAIN, PRESERVE, EXPAND OR PRESERVE THE COUNTYS AFFORDABLE HOUSING STOCK. HTF ALSO PROVIDES FREE TECHNICAL ASSISTANCE TO: 1) HELP GROUPS DETERMINE IF THEY HAVE A FEASIBLE PROJECT, 2)CONNECT THEM TO DEVELOPMENT EXPERTISE, AND 3) ASSIST THEM IN THE APPLICATION PROCESS FOR LOANS. HTF SUPPORTS THE INITIATION OF AFFORDABLE HOUSING PROJECTS BY COMMUNITY GROUPS THAT MIGHT OTHERWISE NOT PROCEED, FACILITATES PROJECTS SPONSORED BY EXPERIENCED DEVELOPERS, AND HELPS REDUCE PROJECT DEVELOPMENT COSTS. TO DATE, 100% OF LOAN FUND ACTIVITY HAS BEEN DIRECTED TO PROJECTS THAT SERVE LOWER INCOME HOUSEHOLDS IN SANTA BARBARA COUNTY EARNING BETWEEN 0-80% OF AREA MEDIAN INCOME.SINCE 2012 HTF HAS ALSO OPERATED A $3.6 MILLION WORKFORCE HOMEBUYER PROGRAM USING GOVERNMENT GRANTS AND PRIVATE INVESTMENT CAPITAL THAT HELPS FIRST-TIME HOMEBUYERS WHO HAVE BEEN SHUT OUT OF THE EXPENSIVE SANTA BARBARA COUNTY HOUSING MARKET PURCHASE AN ENTRY-LEVEL HOME IN THE COMMUNITY. HTF CURRENTLY PROVIDES DOWN PAYMENT LOANS TO LOW, MODERATE AND MIDDLE-INCOME HOUSEHOLDERS EARNING BETWEEN 30% TO 210% OF AREA MEDIAN INCOME. HTF DOWN PAYMENT LOANS ARE STRUCTURED TO MATCH THE REQUIREMENTS OF GOVERNMENT FUNDING PROGRAMS AND PRIVATE INVESTMENT SOURCES THAT PROVIDE CAPITAL FOR HTF DOWN PAYMENT LOANS. DEPENDING ON THE COST OF HOMES WITHIN THE RESPECTIVE COUNTY HOUSING SUB-MARKET AND THE RESULTANT AFFORDABILITY GAP TO LOCAL FIRST-TIME HOMEBUYER, HTF OFFERS A 30-YEAR DEFERRED SHARED APPRECIATION LOAN, A 30-YEAR DEFERRED SIMPLE INTEREST LOAN (UP TO 3% INTEREST) OR A 10-15 YEAR LOW-COST INTEREST-ONLY LOAN. THE MAXIMUM DOWN PAYMENT LOAN IS UP TO 16.5% OR 20% OF THE HOME PURCHASE PRICE, BASED ON HOMEBUYER NEED AND THE REQUIREMENTS OF THE CAPITAL FUNDING SOURCES. THE HTF DOWN PAYMENT LOAN IS TAILORED TO BRIDGE THE HOMEOWNERSHIP AFFORDABILITY GAP AND MAKE HOUSING PAYMENTS AFFORDABLE TO FIRST-TIME HOMEBUYERS. HTF DOWN PAYMENT LOANS CAN BE USED TO PURCHASE BOTH MARKET RATE AND RESALE CONTROLLED AFFORDABLE HOMES. THE HTF WORKFORCE HOMEBUYER PROGRAM WORKS TO EXPAND AFFORDABLE HOMEOWNERSHIPS OPPORTUNITIES FOR LOW TO MIDDLE INCOME RESIDENTS OF SANTA BARBARA COUNTY.IN 2022 SANTA BARBARA COUNTY WAS THE 4TH LEAST AFFORDABLE SMALL METROPOLITAN HOUSING MARKET IN THE NATION (NAHB/WELLS FARGO HOUSING OPPORTUNITY INDEX). OVER THE PAST SEVERAL DECADES, SANTA BARBARA COUNTY'S RELATIVELY LOW WAGES AND MEDIAN HOUSEHOLD INCOME, COMPARED TO OTHER CALIFORNIA HIGH COST AND COASTAL AREAS, COMBINED WITH SOME OF THE HIGHEST HOUSING COSTS IN THE NATION HAVE CREATED A LARGE AND GROWING CHARITABLE CLASS OF PEOPLE WHO SIMPLY CAN NO LONGER AFFORD TO RENT OR PURCHASE HOUSING IN THE PRIVATE MARKET AND EXPERIENCE HOUSING-RELATED POVERTY AND ECONOMIC DISTRESS RELATIVE TO THE COST OF HOUSING WITHIN THEIR RESPECTIVE COMMUNITIES. REGARDING HOMEOWNERSHIP OPPORTUNITIES, HOUSING MARKET INFLATION HAS ERODED THE ABILITY OF THE VAST MAJORITY OF WORKING FAMILITIES AND INDIVIDUALS TO PURCHASE A HOME AND PUT DOWN ROOTS IN THE COMMUNITY. IN RESPONSE TO THE SEVERITY OF OUR COUNTYWIDE HOUSING AFFORDABILITY GAP, HTF SEEKS TO INCREASE THE INCOME LIMIT FOR ITS WORKFORCE HOMEBUYER PROGRAM UP TO 250% OF THE COUNTY AREA MEDIAN INCOME IN ORDER TO SERVE A BROADER RANGE OF CHARITABLE CLASSES OF PERSONS WHO ARE DISADVANTAGED AND ECONOMICALLY DISTRESSED RELATIVE TO SECURING AN AFFORDABLE HOME IN THE HIGH COST SANTA BARBARA COUNTY HOUSING MARKET. 490749 true true false false false false false false false false true false false false false true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 true 2 true false false false false false false false 0 false false false false false false false X 10 9 false false false false false false false true true false false true true true true true true true false false CA X JENNIFER MCGOVERN 8056851949 PO BOX 60909 SANTA BARBARA CA 931600909 JENNIFER MCGOVERN President & CEO 40.00 0.00 X 109685 0 10200 MICHAEL T BENNETT Chairman 1.00 0.00 X X 0 0 0 DEWAYNE HOLMDAHL Vice Chairman 1.00 0.00 X X 0 0 0 ROB FREDERICKS Treasurer 1.00 0.00 X X 0 0 0 JESSICA WISHAN Secretary 1.00 0.00 X X 0 0 0 SYLVIA BARNARD Director 1.00 0.00 X 0 0 0 SHERYL FLORES Director 1.00 0.00 X 0 0 0 ROGER L HORTON Director 1.00 0.00 X 0 0 0 KRISTEN MILLER Director 1.00 0.00 X 0 0 0 CODY SARGEANT Director 1.00 0.00 X 0 0 0 LUIS VILLEGAS Director 1.00 0.00 X 0 0 0 109685 10200 1 false false false 0 880625 880625 LOAN PROGRAM REVENUE 522291 348097 348097 348097 3749 3749 0 0 0 0 0 0 0 0 1232471 348097 3749 0 0 0 0 204674 189205 9520 5949 0 0 0 26099 24323 1093 683 15966 14763 740 463 0 0 36990 2557 34433 0 0 0 6069 6069 150 150 12649 11274 1375 0 0 0 0 0 0 53540 53540 0 123 123 3895 3895 LOAN LOSS RESERVE 187600 187600 OPERATING SUPPLIES 1004 703 301 Printing and Publications 491 442 49 0 549250 490749 51406 7095 238121 0 2467241 2821707 0 11803 34188 0 0 4126994 4982753 0 978 2736 7567 7567 123 0 0 0 0 0 550 550 6845810 7841934 37546 2566800 2917249 2604346 2917249 X 3943964 4627185 297500 297500 4241464 4924685 6845810 7841934 683221 X false true X true false X 445200 144150 172700 167905 880625 1810580 0 0 445200 144150 172700 167905 880625 1810580 0 1810580 459 226 5953 4100 3749 14487 0 0 1825067 0.99210 0.92900 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7567 7567 X 1232471 1232471 1232471 549250 549250 549250 Part X : FIN48 Footnote THE ORGANIZATION EVALUATES UNCERTAIN TAX POSITIONS, WHEREBY THE EFFECT OF THE UNCERTAINTY WOULD BE RECORDED IF THE OUTCOME WAS CONSIDERED PROBABLE AND REASONABLY ESTIMABLE. AS OF JUNE 30, 2022, THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS REQUIRING ACCRUAL. THE ORGANIZATION FILES INFORMATIONAL TAX RETURNS IN U.S. FEDERAL AND CALIFORNIA JURISDICTIONS AND IS NO LONGER SUBJECT TO U.S. FEDERAL AND STATE TAX EXAMINATIONS BY TAX AUTHORITIES FOR FISCAL YEARS ENDING BEFORE JUNE 30, 2019 AND JUNE 30, 2018, RESPECTIVELY. Form 990, Part VI, Line 11b: Form 990 Review Process MANAGEMENT PERFORMED A DETAILED REVIEW OF THE 990. AFTER MANAGEMENTS REVIEW, THE 990 WAS CIRCULATED TO ALL BOARD MEMBERS VIA EMAIL FOR REVIEW. SUFFICIENT TIME WAS ALLOWED FOR ADDRESSING COMMENTS OR QUESTIONS. THE BOARD EXECUTIVE COMMITTEE APPROVED THE FILING OF FORM 990 FOR THE PERIOD ENDED JUNE 30, 2022. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts TRANSACTIONS WITH PARTIES WITH WHOM A CONFLICTING INTEREST EXISTS MAY BE UNDERTAKEN ONLY IF ALL OF THE FOLLOWING ARE OBSERVED: 1) THE CONFLICTING INTEREST IS FULLY DISCLOSED; 2) THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL OF SUCH TRANSACTION; 3) A COMPETITIVE BID OR COMPARABLE VALUATION EXISTS; AND 4) THE BOARD HAS DETERMINED THAT THE TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION.DISCLOSURE INVOLVING VOLUNTEERS IN THE ORGANIZATION SHOULD BE MADE TO THEBOARD CHAIR, WHO SHALL BRING THE MATTER TO THE ATTENTION OF THE BOARD OFDIRECTORS. DISCLOSURE INVOLVING DIRECTORS AND COMMITTEE MEMBERS SHOULD BEMADE TO THE BOARD CHAIR, (OR IF SHE OR HE IS THE ONE WITH THE CONFLICT,THEN TO THE BOARD TREASURER) WHO SHALL BRING THESE MATTERS TO THE BOARD OFDIRECTORS.THE BOARD OF DIRECTORS DETERMINES WHETHER A CONFLICT EXISTS AND IN THE CASEOF AN EXISTING CONFLICT, WHETHER THE CONTEMPLATED TRANSACTION MAY BEAUTHORIZED AS JUST, FAIR, AND REASONABLE TO THE ORGANIZATION. THE DECISIONOF THE BOARD OF DIRECTORS ON THESE MATTERS WILL REST IN ITS SOLEDISCRETION, AND ITS CONCERN MUST BE THE WELFARE OF THE ORGANIZATION AND THEADVANCEMENT OF ITS PURPOSE.THE CONFLICT OF INTEREST DISCLOSURE STATEMENT WILL BE COMPLETED ANNUALLY. Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management DETERMINING COMPENSATION FOR EXECUTIVE MANAGEMENT IS DONE BY AN INDEPENDENT REVIEW BY THE BOARD OF DIRECTORS. THE REVIEW INCLUDES USE OF COMPARABILITY DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. APPROVED COMPENSATION IS BUDGETED AND CONTEMPORANEOUS DOCUMENTATION REGARDING THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT ARE MEMORIALIZED IN THE MINUTES. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available THE ORGANIZATIONS CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND GOVERNING DOCUMENTS ARE MADE AVAILABLE AT THE ORGANIZATIONS OFFICE DURING NORMAL BUSINESS HOURS OR BY REQUEST.