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Council approves $1.45 million loan to Housing Authority for 15 South Hope affordable housing project
Summary
The City Council approved a loan agreement and related budget amendment to provide up to $1,450,000 from affordable housing reserves to the Housing Authority of the City of Santa Barbara for development at 15 South Hope, subject to reversal if state funding is awarded.
Santa Barbara —n(2025-03-11) —nAt their March 11 consent calendar hearing, the Santa Barbara City Council approved a loan agreement and an associated budget amendment to fund an affordable housing development at 15 South Hope Avenue.
What the council approved: The council adopted an ordinance introduction and a resolution to approve a loan agreement with the Housing Authority of the City of Santa Barbara for development of real property located at 15 South Hope in the amount reflected in the staff report and to amend the FY2025 budget in the affordable housing fund by $1,450,000 funded from the affordable housing fund reserves. The staff report states that if the city later receives state Department of Housing and Community Development funding through the local housing trust fund program for this project, the city appropriation would be reversed.
Process and vote: The item was read into the record as Item 2 during the consent calendar and moved and seconded with no speakers pulling the item. Council Member Harmon moved the motion and Council Member Sneddon seconded; the council approved the consent items by unanimous vote.
Context: The loan is structured to be secured by a deed of trust and accompanied by a 90-year affordability covenant imposed on the real property. Staff advised the council the community development director will be authorized to execute loan documents subject to final city attorney review.
