The San Luis Obispo County Housing Trust Fund and Family Care Network held a press conference on September 10 to announce the payoff of the Housing Trust Fund's first-ever loan.
Issued to the Family Care Network in 2005, the loan funded the remodeling of a five-unit property. Since then, the property has provided stable housing for over 240 youth and families.
Now that the loan has been fully repaid, officials say this milestone demonstrates the lasting effect of local investment in affordable housing.
Jeff Eckles, CEO of the Housing Trust Fund of San Luis Obispo County, shared how the organization plans to move forward now that the loan is paid off.
“[It] really illustrates the power of a revolving loan fund, because now we take that money and the low interest rate that we charge the Family Care Network and reinvest that into more affordable housing developments out in the community,“ Eckles said.
