Patterson Point: New Affordable Housing Initiative in Goleta
Deal News | Nov 06, 2024 | Monarch Private Capital
Monarch Private Capital has finalized LIHTC equity financing for Patterson Point, an affordable housing development in Goleta, California, worth $24 million. This venture, in partnership with the Housing Authority of Santa Barbara County and Redstone, aims to provide housing and support services for vulnerable populations, including those experiencing homelessness and mental illness. The development features 24 units with supportive services like mental health counseling and job training. The initiative addresses critical housing needs and is poised to deliver long-term community benefits by transitioning individuals out of homelessness and fostering stability.
Sectors
- Affordable Housing
- Impact Investment
- Finance
Geography
- United States – Monarch Private Capital is headquartered in Atlanta, with its activities spanning across the U.S.
- California – The Patterson Point project is located in Goleta, California.
Industry
- Affordable Housing – The article is centered around the creation of affordable housing units for vulnerable populations in Goleta, California, through the development of Patterson Point.
- Impact Investment – Monarch Private Capital is an impact investment firm managing funds that generate federal and state tax credits through projects like Patterson Point.
- Finance – The article discusses the financial closure of equity financing for the project, which is a component of the finance industry.
Financials
- $24 million – The total cost of the development project financed through LIHTC equity.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Monarch Private Capital | Equity Financer | Company | An impact investment firm specializing in projects that generate federal and state tax credits. |
| Housing Authority County of Santa Barbara | Partner | Government | A government authority that collaborates with Monarch Private Capital on the Patterson Point project. |
| Redstone | Partner | Company | Collaborator with Monarch Private Capital and the Housing Authority for the development of Patterson Point. |