Santa Barbara Rescue Mission (2017)

Santa Barbara, CA

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COMMUNITY IMPACT

Opportunity Fund’s New Market Tax Credits program closed on $9,568,778 in low-interest financing to help renovate one of the largest providers of homeless housing and services in the Santa Barbara area – the Santa Barbara Rescue Mission (SBRM). Once renovated, this organization is projected to better serve an estimated 1,600 unique low-income individuals annually. Over the last 50 years, Santa Barbara Rescue Mission has grown in its ability to supply residency-based programs aimed at breaking the cycle of alcohol and drug dependency, serving the mentally ill, teaching life skills, and providing residents with supportive services to maintain long-term, sustained independence. Unfortunately, because of the dilapidated condition of the aging facility, SBRM faced challenges in managing the growth of its programs. Opportunity Fund provided $9.57MM in financing for the renovation of the facility to meet the need.

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