Photo courtesy of the Housing Authority of the City of Santa Barbara.
SANTA BARBARA — The Housing Authority of the City of Santa Barbara (HACSB) held a groundbreaking ceremony for its newest affordable housing development located at 15 South Hope Avenue on Wednesday, April 22. This new construction, multifamily rental housing project will provide 46 affordable units and represents a major step in addressing the region’s housing needs. Neighbors, local officials, community partners, and housing advocates gathered to celebrate this milestone.
PROJECT BACKGROUND: This new housing development will consist of a single, four-story building with 46 units, including:
· 17 studios
· 13 one-bedroom apartments
· 16 two-bedroom apartments (including one unit for an on-site manager)
The project will serve both special-needs individuals and other low-income households, with 50 percent (23 units) designated for individuals with developmental or mental health disabilities. The remaining 22 units will be for non-special needs households.
The 45 affordability-restricted units will be available to households earning at or below 60 percent of the Area Median Income (AMI). The breakdown of income levels is as follows:
· 18 units for extremely low-income households (30 percent AMI or below)
· 14 units for very low-income households (50 percent AMI or below)
· 13 units for low-income households (60 percent AMI or below)
Residents will receive rental assistance through the Section 8 program, ensuring they pay no more than 30 percent of their income toward rent.
FUNDING: Funding for the development includes a $28 million construction/permanent loan from the Banc of California, $1.9 million loan from the City of Santa Barbara—marking the first investment from the City’s Local Housing Trust Fund—and $1 million provided by the Tri Counties Regional Center. Equity investment of $21 million is being provided by Enterprise Community Development via the federal Low-Income Housing Tax Credit program.
