The Los Angeles-based Sisters of St. Joseph of Carondelet have approved a $25,000 investment to the San Luis Obispo County Housing Trust Fund, which will use the money to finance affordable rental and ownership housing in the county.
The Sisters become the fourth religious community to invest in the local fund.
In addition, the fund has received investments from Catholic Healthcare West, Mission Community Bank, Mid-State Bank and Trust, and a family foundation.
The investment carries a 3 percent interest rate and must be repaid in five years.
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"We thank the Sisters of St. Joseph for partnering with us to address local housing needs," said the fund’s executive director, Jerry Rioux.
The investment carries a three percent interest rate and must be repaid in five years.
The Housing Trust Fund is a nonprofit corporation created to increase the supply of affordable housing throughout the county.
Rather than develop, own or manage housing, it provides financing and technical assistance to help private developers, nonprofit agencies and local governments produce homes that working families, seniors on fixed incomes and persons with disabilities can afford to rent or buy.
For additional information on the fund, go to www.slochtf.org. Additional information on the Sisters of St. Joseph of Carondelet is available at http://www.csjla.org/.
-- Bob Cuddy