Monarch Private Capital Closes LIHTC Equity Financing for Patterson Point 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 ...