SANTA BARBARA — The California Tax Credit Allocation Committee has allocated $10,301,010 in Federal Low Income Housing Tax Credits to a local project to be developed by the Housing Authority of the City of Santa Barbara.
The new housing will be constructed for those with special needs, including the homeless. Total development costs are estimated at $17.6 million.
Vera Cruz Village, to be located at 116 E. Cota St., will provide 28 new affordable rental studio units, a one-bedroom manager’s unit and free supportive services.
The property consists of two parcels with a combined total of approximately 11,000 square feet and is across the street from the current Cota Street commuter parking lot.
Construction is anticipated to start in the fall and be completed within 12 to 14 months. All studio units will be subsidized with Project Based Vouchers, making rent affordable at 30% of a resident’s income.
— Marilyn McMahon