$24 Million Project to Deliver Affordable Housing for Vulnerable Populations in Goleta, CA

ATLANTA, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for Patterson Point, a new affordable housing development in Goleta, California. In partnership with the Housing Authority of the County of Santa Barbara and Redstone, the $24 million development is expected to create much-needed affordable housing opportunities within the community.

Located on the east side of North Patterson Avenue, adjacent to the northbound Highway 101 off-ramp, Patterson Point will consist of 24 units aimed at providing safe, stable housing for some of the area's most vulnerable populations. The project will feature a two-story residential building with an elevator, delivering specialized housing for homeless individuals and those suffering from mental illness. Additionally, Supportive Services will be provided on-site, including mental health counseling, job training, and other essential resources to help residents achieve stability and independence.

Eleven of the units will be designated as Housing for a Healthy California (HHC) units for high-frequency medical users who are currently homeless. These units will include Capitalized Operating Subsidy Reserves (COSR) to ensure that residents only pay up to 30% of their income, calculated based on Area Median Income (AMI). Additionally, another eleven units will be reserved for individuals with mental illness, with priority given to those who are also experiencing homelessness. The remaining units will be set aside for a low-income individual, with all units priced between 30% and 50% of the AMI.

"We're honored to be part of the Patterson Point project, which will offer life-changing housing and support services for some of the most at-risk individuals in the Goleta community,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch Private Capital. "This development highlights our commitment to creating impactful solutions that address homelessness and mental health through affordable housing.”

By addressing critical housing needs in Santa Barbara County, Patterson Point is poised to deliver long-term benefits to the community. The project will not only provide affordable housing but also offer necessary support services to help individuals transition out of homelessness and achieve stability.

About Monarch Private Capital

Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

CONTACT

Jane Rafeedie

Monarch Private Capital

Jrafeedie@monarchprivate.com

470-283-8431

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4965969f-0103-4d71-97c3-6d2f0d93c444.