In Planning - Montecito Street
100% Workforce Homeownership Housing for Local Employees

The target market for this project is local residents and workers who are currently priced out of the housing market. It is proposed that half of the units be reserved for employees of local non-profit organizations.

• 100% workforce housing
• 90 residential condominiums
• All units will be sold at below-market rate prices for home ownership
• Units will be restricted to and affordable by employees with annual household incomes up to 200% of area median income (2006 median income for family of four is $64,700)
• Units will be resale-restricted to maintain affordability
• 60 2-bedroom units
• 30 3-bedroom units
• Unit size between 1,150 and 1,450 square feet
• 8,000 square feet of ground floor commercial space

These for-sale units will be located at the northwest corner of Montecito Street and Calle Cesar Chavez. The site is currently a vacant lot. The project is within walking distance to State Street, Milpas Street and the beach. The project will provide a new, full-service bus stop.

As a joint project by the Housing Authority of the City of Santa Barbara, the Santa Barbara Foundation and Bermant Development Company, the goal is to create an affordable homeownership development that will make all of the units affordable to workers earning less than 200% of Area Median Income. This would allow our local workforce such as firefighters, teachers and non-profit employees to live in the community in which they serve.

The project is currently in the early stages of development.