Finance committee approves $3.5 million loan to finish financing for Jacaranda Court

The Santa Barbara City Finance Committee voted unanimously Aug. 12 to recommend a $3,500,000 loan from the local housing trust fund to the Housing Authority to close a financing gap for Jacaranda Court, a 63‑unit permanently affordable rental development at 400 West Carrillo Street.

The loan, combined with a city donation of the 1.1‑acre parcel and a $10,000,000 equity commitment from the Housing Authority, is intended to allow the project to proceed to building permit issuance and break ground this fall. The loan would be a 30‑year residual‑receipts repayment loan at 3 percent simple interest, secured by a deed of trust; a 90‑year affordability covenant restricting seven low‑income and 55 moderate‑income units would be recorded on the property.

Laura Doubles, the city’s housing and human services manager, told the committee the site at 400 West Carrillo — a downtown parcel appraised at $7,750,000 and formerly used for commuter parking — will be donated to the project and developed by the Housing Authority. Rob Fredericks, executive…