A unique tax incentive program is setting the stage for two new affordable housing projects on the South Coast. It’s a program which gives developers incentives in the way of financing to build more affordable housing, in this case, more than 100 units in Santa Barbara.
The Housing Authority of the City of Santa Barbara has locked in more than $21 million dollars in tax credit financing through a state and federal program.
The tax credit program will help make possible an 89 unit low income senior housing project on Hope Street in Santa Barbara. It also sets the stage for a 17 unit veterans housing complex on Carrillo Street. The program gives tax credits to developers who agree to set aside some, or all of their new units as affordable housing.
Developers then sell the credits to investors, to get financing for the projects. Plans call for actual construction to start on both Santa Barbara projects later this year.
