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Council approves $3.5 million loan to housing authority for 400 West Carrillo Street; residual‑receipts terms draw scrutiny
Summary
The City Council adopted an ordinance authorizing a $3.5 million loan to the Housing Authority for development at 400 West Carrillo Street, imposing a deed of trust and a 90‑year affordability covenant; the vote was 6–1 after councilmembers discussed budgetary impacts and repayment uncertainty for residual‑receipts loans.
The Santa Barbara City Council on Sept. 9 adopted an ordinance approving a $3.5 million loan from the general fund to the Housing Authority of the City of Santa Barbara for a project at 400 West Carrillo Street. The loan will be secured by a deed of trust and a 90‑year affordability covenant.
Council voted 6–1 to adopt the ordinance. The motion was moved by Councilmember Santa Maria and seconded by Councilmember Harmon; the council record did not specify the dissenting member by name.
Council questions and loan structure
Council discussion focused on the…
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