In November 2013 the Housing Authority of the County of Santa Barbara (HACSB) broke ground on Pescadero Lofts, a 33 unit development for formerly homeless individuals. On December 16, 2014 we celebrated the completion of this project which is designed to bring the homeless off the streets of Isla Vista and into permanent housing. The HACSB purchased the site from the County of Santa Barbaras former redevelopment agency. Funding was then acquired through the Federal Low Income Housing Tax Credit Program as well as from Union Bank and HACSB own equity. The units are furnished with beds and furniture and an Adopt a Room Program provides the opportunity for community members to donate $500 to purchase living essentials for the units.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Pescadero Lofts is managed by Housing Authority of the City of Santa Barbara.