The San Luis Obispo County Housing Trust Fund (HTF) has been awarded a $600,000 grant by the Community Development Financial Institutions (CDFI) Fund of the US Treasury. The new funds will be used exclusively to finance affordable housing projects in San Luis Obispo County.  

“We are overjoyed by our new CDFI Fund award,” states Jerry Rioux, the HTF’s Executive Director. “This is our third US Treasury grant in as many years and it is also our largest.”

The CDFI Fund provides capital for underserved communities throughout the nation to stimulate local economic development.  The CDFI Fund received 393 applications requesting nearly $466 million in funding under the FY 2011 round of the CDFI Program.  The Housing Trust Fund’s award was one of 155 grants totaling $142 million that were announced on July 18.

Since its inception, the CDFI Fund has awarded well over $1 billion under the CDFI Program.  More information on the CDFI Fund and the recent grants is available at www.cdfifund.gov.  

The HTF is a nonprofit corporation that was created in 2003 to increase the supply of affordable housing throughout San Luis Obispo County.  Rather than directly develop or own housing, the HTF provides financing and technical assistance to help private developers, nonprofit agencies and local governments produce and preserve housing that working families, seniors on fixed incomes and persons with disabilities can afford to rent or buy.  

Since making its first loan in 2005, the HTF has provided nearly $7 million in financing to help create or preserve 218 units of affordable housing. During 2010, nearly 30 percent of all the housing starts in the entire county were projects that the HTF helped finance. This new award increases the HTF’s revolving loan funds to $6.9 million. Approximately $2.2 million is currently available for new loans.

Additional information on the HTF is available online at www.slochtf.org.