Housing Tr Fund of Santa Barbara County Inc.

“Management performed a detailed review of the 990. After management's 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, 2021.”

“Part vi, section b, question 12c 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 the board chair, who shall bring the matter to the attention of the board of directors. Disclosure involving directors and committee members should be made 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 of directors. The board of directors determines whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to the organization. The decision of the board of directors on these matters will rest in its sole discretion, and its concern must be the welfare of the organization and the advancement of its purpose. The conflict of interest disclosure statement will be completed annually.”

“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.”

“The organization has form 1023 along with the originally filed bylaws for the organization and form 990 available to the public upon request.”

“The organization's conflict of interest policy, financial statements and governing documents are made available at the organization's office during normal business hours or by request.”

“Authority delegated to executive committee explanation: per the bylaws, the board may, by a majority vote of directors, designate two or more of its members, who may also be serving as officers of this corporation, to constitute an executive committee. The executive committee, composed of board chairman, board vice-chairman, treasurer, and secretary, is authorized to act on behalf of the board, with certain exceptions, such as amending the bylaws. The executive committee met six times during the year ended june 30, 2021. All actions of the executive committee are reported to and ratified by the full board of trustees.”

“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 households 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 homebuyers, htf offers either 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 homeownership opportunities for low to middle income residents of santa barbara county. In 2021 santa barbara county is the 6th 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 families 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.”

“The organization's joint audit and finance committee assumes responsibility and oversight of the audit of the financial statements and selection of independent accountants.”